Investors support the Indian Koo alternative to Twitter, with major controls at a time when tensions are building between the American social network and New Delhi.
The Indian startup announced on Wednesday that it had raised $ 30 million in a funding round led by Tiger Global Management. Mirae Asset, IIFL’s venture capital fund, and existing investors 3one4 Capital, Blume Ventures, and Accel also took part in the round that valued the Bangalore-based startup at over $ 100 million, down from around $ 25 million in February.
Like Twitter, the Koo app allows users to post in English and a half-dozen Indian languages. The user interface, logo, and social sharing mechanism are strikingly similar to those of Twitter.
Koo said it would use the new round of funding to bolster efforts around technology, products and the Indian language community.
“We have aggressive plans to become one of the world’s largest social media platforms in the next few years. Every Indian cheers us that we will be there soon. Tiger Global is the right partner to help make this dream come true, ”said Aprameya Radhakrishna, Co-Founder and CEO of Koo.
Tiger Global led funding rounds for Cred, Innovaccer, Infra.Market, Groww, ShareChat and Gupshup this year and helped Indian companies become unicorns.