In India, Twitter’s rival KOO app has raised US $ 30 million (about Rs 218 crore) through a Series B fund led by Tiger Global. Existing investors Excel Partners, Kalari Capital, Bloom Ventures and Dream Incubator are also participating in the current round of financing, Koo said in a statement. In addition, the IIFL and Mire assets have emerged as new investors.
The investment comes at a time when the country’s new IT broker rules have increased accountability for social media companies, including Twitter and Facebook. Ku has about 6 million users. Ku said last week that he had enacted the new rules and that its privacy policy, terms of use and community guidelines are now in compliance with the new rules.
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Amaya Radhakrishnan, CEO and Co-Founder of KooApp, said, “We have a strong plan and we will move fast in the years ahead.” Our goal is to make it the world’s largest social media platform in the next few years. Tiger Global is helping us to make this dream come true.
