Koo raises $30 million in series B funding; complies with new intermediary rules

Together with the prevailing buyers, Infosys veteran Mohandas Pai’s 3one4 Capital too had participated within the spherical.

Homegrown microblogging platform Koo has raised $30 million in collection B funding, led by Tiger International with current buyers Accel Companions, Kalaari Capital, Blume Ventures and Dream Incubator. IIFL and Mirae Belongings are different new buyers who’ve come on board the cap desk with this spherical.

The recent spherical of funding shall be utilised primarily to strengthen engineering, product and group efforts throughout all Indian languages at Koo. Earlier, the platform had raised $4.1 million as a part of its Collection A funding. Together with the prevailing buyers, Infosys veteran Mohandas Pai’s 3one4 Capital too had participated within the spherical.

Koo, which was launched final yr after it gained the federal government’s Aatmanirbhar App Innovation Problem in August 2020, has garnered practically 6 million downloads to date, turning into a major social media middleman (SSMI). Social media corporations having greater than 5 million customers in India, are termed SSMIs and such corporations are required to have further compliance below the Info Expertise (Middleman Pointers and Digital Ethics Code) Guidelines 2021. Whereas international corporations like Twitter, WhatsApp, Fb and Instagram have sought extra time to conform, Koo has already complied with the brand new guidelines.

Koo’s Privateness Coverage, phrases of use and group tips replicate the necessities of the foundations as relevant to SSMIs. As well as, Koo has carried out due diligence and grievance redressal mechanism supported by an Indian resident chief compliance officer, nodal officer and grievance officer.

The app, based by serial entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka, goals to have 100 million customers by the tip of this yr. The native microblogging platform in Indian languages had gained prominence not too long ago amid the standoff between Twitter and the federal government. Many high ministers in addition to authorities departments have joined the platform and are frequently sharing updates on it.