How the Koo App Raised 30Mn$ (218 Crores)?
Know the Growth Strategy
Koo is an Indian microblogging and social networking service based in Bengaluru, Karnataka, India. The app was formerly known as Ku Koo Ku.
Koo is an alternative app to Twitter Also Koo is the Indian version of Quora is called Vokal.
Here is what you can do on Koo:
– Share your opinions/updates, Discuss your opinion on any topic in Indian languages. Follow Bollywood artists, Journalists, Politicians, Cricketers, Actors / Actresses, Activists, and other interesting people, View your feed in Indian languages by seeing what people you follow said, Trending #.
Koo was founded by serial entrepreneurs Aprameya Radhakrishna, founder of TaxiForSure, and Mayank Bidawatka who previously founded companies like MediaAnt and Goodbox. It won the Government of India’s Aatmanirbhar App Innovation Challenge in August 2020.
1. Koo Series A funding
According to data sourced from Crunchbase, the company raised Series A funding in 2018 from a clutch of investors including Blume Ventures, Kalaari Capital, and Accel Partners India. In the latest round of funding announced earlier this month, former Infosys CFO TV Mohandas Pai’s 3one4 Capital also joined the list of those investing in Bombinate Technologies.
2. Koo Series B funding:
Twitter-rival “Koo, on Wednesday, has raised $30 million (about ₹218 crores) in Series B funding led by New York-based investment firm Tiger Global. Existing investors including Accel Partners, Kalaari Capital, Blume Ventures, 3one4 Capital, and Dream Incubator also participated in the round.
Koo said the fresh funds will be utilized primarily to strengthen engineering, product, and community efforts across all Indian languages.
Aprameya Radhakrishna, co-founder, and CEO of Koo said “We have aggressive plans to grow into one of the world’s largest social media platforms in the next few years.
Main Advantages behind the rapid growth of Koo:
- While the app was launched in early 2020, its participation and the subsequent winning of the government’s Atmanirbhar App Innovation Challenge brought it under the limelight. Atmanirbhar App Innovation Challenge, the app was also mentioned by Prime Minister Narendra Modi in his Mann Ki Baat address.
- The funding comes at a time when social media platforms, including the US-based Twitter, are facing increased government scrutiny over alleged non-compliance with India’s new IT rules for significant social media intermediaries. This is one of the major plus points for Koo. Koo has already complied with the rules.
- The platform, which has gained prominence over the last few months with key government officials and ministers creating their Koo accounts, claims to have garnered nearly six million downloads in the last one year.
- Commerce Minister Piyush Goyal, Law & IT Minister Ravi Shankar Prasad, Members of Parliament Tejasvi Surya and Shobha Karandlaje, Karnataka Chief Minister BS Yediyurappa, Isha Foundation’s Jaggi Vasudev, former cricketers Javagal Srinath and Anil Kumble are among the politicians, ministers, and celebrities to have joined the app. In addition, the Union IT Ministry, India Post, and the Niti Aayog are among the government departments to have an account on the app.