Twitter rival Koo is in discussions with traders to boost funding and hopes to shut a deal within the subsequent 3-4 months, Koo co-founder Aprameya Radhakrishna stated.
Koo, which has over the previous few months seen a large surge in consumer base within the nation, is taking a look at elevating “greater than what was raised within the final spherical”.
In February, Koo stated it had raised USD 4.1 million in collection 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 by way of a number of tranches.
“We raised some cash in January and we’re in talks with of us who’re fairly to speculate cash. Talks are on, we’ll see what works out,” Radhakrishna informed PTI.
He added that the corporate is fairly hopeful of closing a transaction in subsequent 3-4 months.
Whereas 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 increase greater than what it had raised within the earlier spherical.
“The type of urge for food for social media is being seen within the VCs,” he stated. Koo, which has about 60 lakh customers on its platform, sees numerous headroom for progress and is investing on increasing its infrastructure and strengthening its headcount.
“Koo is a social media platform, which must be constructed over the subsequent decade or so. We may have phases of elevating cash and totally different quantities at totally different phases primarily based on our efficiency,” Radhakrishna stated.
Koo had unveiled its new emblem on Thursday. The brand new emblem is a continuation of the yellow chook however with a contemporary 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 the 100 million downloads.
India stays a essential marketplace for Web firms like Fb, WhatsApp and Twitter with its massive inhabitants base and burgeoning Web adoption. The nation is the world’s second-largest telecom market and the largest shopper of knowledge.
Over the previous many months, there have been clarion requires increasing the ecosystem of homegrown digital platforms.
Curiously, homegrown social media platform ShareChat had final month raised USD 502 million (about ₹3,725 crore) in funding led by Lightspeed Enterprise Companions and Tiger International, valuing the homegrown social media platform at over USD 2.1 billion. Twitter – an present investor in ShareChat had additionally participated within the funding together with Snap Inc (which owns photo-messaging app Snapchat) and India Quotient amongst others.
The pandemic has offered a significant enhance to digital platforms with a pointy enhance in shoppers choosing e-services. That is additionally driving better investor curiosity in these companies.
Prior to now few weeks, quite a lot of startups within the nation together with Meesho, Groww, ShareChat and Cred have raised funding and entered the Unicorn Membership (firms with valuation of over a billion greenback).