Aprameya Radhakrishna, the founder of Taxi For Sure, and Mayank Bidawatka, who previously built firms including Media Ant and Goodbox, launched Koo.
Koo has acquired $30 million in Series B fundraising headed by Tiger Global, a US-based investment group, the Indian social media platform announced on Wednesday, garnering funds as its international rival Twitter is urged to comply with New Delhi’s new privacy restrictions.
According to a statement from Koo, the new amount of money will be used to improve engineering, product, and community activities across all Indian languages.
Tiger Global led the financing round, with existing investors Accel Partners, Kalaari Capital, Blume Ventures, and Dream Incubator also participating. With this round, IIFL and Mirae Assets are two more new investors that have joined the cap table.
Aprameya Radhakrishna, the founder of Taxi For Sure, and Mayank Bidawatka, who previously built firms including Media Ant and Goodbox, launched Koo.
“Over the next five years, we have aggressive aspirations to grow into one of the world’s largest social media platforms. Every Indian is rooting for us to arrive as soon as possible. Aprameya Radhakrishna, Co-Founder and CEO of Koo, said, “Tiger Global is the appropriate partner to bring on board to fulfil this dream.”
On May 22, Koo announced that it had met the new rules for digital platforms’ compliance standards ahead of the deadline later this month.
The new guidelines, which were introduced earlier this year, require’significant social media intermediaries’ to conduct further due diligence, which includes appointing a chief compliance officer, a nodal contact person, and a resident grievance officer. Each of the three officials will be required to live in India.
Players will be required to produce a monthly compliance report and proactively erase specifics of the contents.
On May 22, Koo announced that it had met the new rules for digital platforms’ compliance standards ahead of the deadline later this month.
Koo stated in a statement that its Privacy Policy, Terms of Service, and Community Guidelines reflect the Rules’ criteria for large social media intermediaries. Under the new standards, Koo has about 6 million (60 lakh) subscribers, making it a major social media intermediary.
