At a time when Indian authorities are turning the heat on Twitter, Marquee investors including US-based Tigher Global have backed the microblogging site’s Indian alternative app Koo, In a $ 30-million fundraise that will see Koo’s valuation jump nearly five-fold to $ 100 million.
About the deal
Koo has raised $30 million in Series B funding. Tiger Global has led the investment round with existing investors Accel Partners, Kalaari Capital, Blume Vantures and Dream Incubator also participating. IIFL and Mirae Assets are other new investors who have come on board the cap table with this round.
Timing of the deal
While the fundraising deal would have been closed earlier, the announcement has come in the backdrop of Twitter India’s new clash with the Indian government. Most notably, earlier this week, Delhi Police sent a notice to Twitter India in connection with the probe into a complaint about an alleged ‘COVID toolkit’. The Delhi Police Monday sought a clarification from Twitter in connection with a tweet by BJP’s Sambit Patra about an alleged toolkit released by the Congress party that the microblogging site tagged as “manipulatd media”.