Twitter rival Koo is in discussions with traders to raise funding and hopes to close a deal in the following 3-4 months, Koo co-founder Aprameya Radhakrishna stated.
Koo, which has over the previous few months seen a huge surge in consumer base in the nation, is taking a look at elevating “more than what was raised in the last round”.
In February, Koo stated it had raised USD 4.1 million in sequence A funding from Accel, Kalaari Capital, Blume Ventures and Dream Incubator, and 3one4 Capital. In all, it has raised about USD 10 million in complete funding via a number of tranches.
“We raised some money in January and we are in talks with folks who are quite interested to invest money. Talks are on, we will see what works out,” Radhakrishna informed PTI.
He added that the corporate is fairly hopeful of closing a transaction in the following 3-4 months.
While Radhakrishna remained tight-lipped in regards to the quantity of funding Koo is taking a look at elevating, he stated the platform would need to raise greater than what it had raised in the earlier spherical.
“The kind of appetite for social media is being seen in the VCs,” he stated. Koo, which has about 60 lakh customers on its platform, sees a lot of headroom for progress and is investing in increasing its infrastructure and strengthening its headcount.
“Koo is a social media platform, which needs to be built over the next decade or so. We will have stages of raising money and different amounts at different stages based on our performance,” Radhakrishna stated.
Koo had unveiled its new emblem on Thursday. The new emblem is a continuation of the yellow chook however with a recent new look.
The social media platform – which is taking a look at considerably scaling up its consumer base on the platform, particularly pushed by vernacular subscribers – is aiming to hit 100 million downloads.
India stays a crucial marketplace for Internet firms like Facebook, WhatsApp, and Twitter with its massive inhabitants base and burgeoning Internet adoption. The nation is the world’s second-largest telecom market and the largest client of knowledge.
Over the previous many months, there have been clarion requires increasing the ecosystem of homegrown digital platforms.
Interestingly, homegrown social media platform ShareChat had final month raised USD 502 million (about Rs 3,725 crore) in funding led by Lightspeed Venture Partners and Tiger Global, valuing the homegrown social media platform at over USD 2.1 billion. Twitter – an current investor in ShareChat had additionally participated in the funding together with Snap Inc (which owns photo-messaging app Snapchat) and India Quotient amongst others.
The pandemic has offered a main increase to digital platforms with a sharp enhance in shoppers choosing e-services. This can be driving better investor curiosity in these companies.
In the previous few weeks, a variety of startups in the nation together with Meesho, Groww, ShareChat, and Cred have raised funding and entered the Unicorn Club (firms with valuation of over a billion-dollar).