Indigenous microblogging platform Koo has received Rs 51.08 crore ($6.3 million) as a part of its ongoing round, according to its latest filings with the Ministry of Corporate Affairs (MCA).
“This investment is a part of a larger funding round and we will share the details publicly at an appropriate time,” Aprameya Radhakrishna, chief executive and co-founder at Koo, said in response to VCCircle.
Through an issue of B4 compulsory convertible preference shares, the startup has received Rs 16.47 crore from investors Accel India and Tiger Global’s Internet Fund VII. Both have previously invested in the company.
Further, 3one4 Capital and Kalaari Capital have put in Rs 8.24 crore each. Tokyo-based DI India Digital India Partnership has invested Rs 1.64 crore.
Newsportal Entrackr reported the development first. Another report by The Economic Times pegs the deal to be around $15-20 million.
“At Koo, we're expanding globally and will continue to invest for advancing technology and product to enable the first language-based social network,” said Radhakrishna.
This is the Bengaluru-based company's second fundraise this year. It had previously bagged $10 million in February. In May 2021, the company had raised $30 million (about Rs 218.04 crore) in a Series B funding round from Tiger Global Management, South Korean financial services firm Mirae Asset Management and IIFL.
The company, which recently launched in Brazil, has been garnering interest as users question the recent decisions at its rival Twitter, which world’s richest person Elon Musk acquired last month. Days after it launched in the country, it became Brazil’s most downloaded application.
The company recently had to lay off a few people in September.
Koo was launched by former Taxiforsure co-founder Radhakrishna and former redBus marketing head Mayank Bidawatka, in 2020. The app, operated by Bombinate Technologies Pvt Ltd, focuses on providing regional language capabilities for Indian internet and mobile users looking to express their opinions online.
