LAST UPDATED: May 26, 2021, 4:39 p.m.
New Delhi (Anish Yande): Indian microblogging platform Koo has raised $30 million in a new funding round led by Tiger Global. The valuation of the platform has risen by over $100 million. The Indian rival to Twitter has gained funding as Twitter is asked to comply with the new IT laws.
Koo raises $30 million in funding:
In the funding round led by Tiger Global, investors such as Mirae Assets and IIFL invested in Koo. Existing investors such as Accel Partners, 3one4 Capital, Blume Ventures, Kalaari Capital, and Dream Incubator have also participated in the Series B funding round.
Koo has said that it has complied with the requirements of the new IT (Intermediary Guidelines) Rules 2021. The microblogging platform has met the guidelines before the May 25 deadline as set by the Ministry of Electronics and Information Technology (MeitY).
The microblogging platform has appointed an Indian resident Chief Compliance Officer, Grievance Officer, and Nodal Officer according to the new IT laws.
All details of Koo:
Koo was founded in March 2020 by Aprameya Radhakrishna and Mayank Bidawatka. Aprameya Radhakrishna was the co-founder of TaxiForSure, which was acquired by Ola. Mayank Bidawatka had founded companies such as MediaAnt and Goodbox.
The platform is an Indian alternative to Twitter and is available in multiple Indian languages. The app has garnered over six million downloads in a year of operations. Prominent personalities such as Union ministers Piyush Goyal, Ravi Shankar Prasad, Smriti Irani and Supriya Sule of the NCP, senior leader of Congress Kamal Nath have signed on to the platform.
Celebrities such as Saina Nehwal, Anupam Kher and Kangna Ranaut have also signed on to the platform. On the microblogging platform, Hindi and English are their top two used languages. Tamil, Kannada and Marathi are the rest of the major languages on the platform.
Koo has added a talk-to-type feature for its users. The microblogging platform had around 3 to 4 million users in February. The platform would soon add a feature that would let users posts send posts, that are simultaneously translated in multiple languages, to different communities.
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