Twitter-rival Koo has raised USD 30 million (about Rs 218 crore) in Series B funding, led by Tiger Global with existing investors also participating in the latest round. Existing investors Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator also took part in the round, Koo said in a statement. IIFL and Mirae Assets are other new investors who have come on board the cap table with this round, it added. Notably, the fund raising comes amid new IT intermediary rules taking effect, translating into greater accountability and scrutiny for social media companies, including Twitter and Facebook. Koo has close to 60 lakh users, making it a major social media intermediary under the new guidelines.
Tiger Global is the right partner to have on board to realise this dream, Radhakrishna added. Koo was founded by serial entrepreneurs Aprameya Radhakrishna, founder of TaxiForSure and Mayank Bidawatka who previously founded companies like MediaAnt and Goodbox. Its popularity peaked amid clarion calls for expanding the ecosystem of homegrown digital platforms. Koo has seen a massive growth in its user base over the past few months after union ministers and government departments endorsed the homegrown microblogging platform, following a spat with Twitter.