Desi Twitter aka Koo App raises 30 million dollars
Koo app users have almost doubled in the last 3 months, from 30 lakh in February to 60 lakh today.
New Delhi: At a time when Twitter is being tightened because of its functioning, India's social media platform Koo has raised $ 30 million, or about Rs 220 crore. Koo's market value is increasing 5-fold to more than $ 100 million.
Koo has raised $ 30 million:
Koo raised the amount under Series B funding, including Tiger Global, Excel Partner, Kalari Capital, Bloom Ventures and Dream Incubator. IIFL and Mirai Assets are also on the list as new investors. This progress is being made at a time when the policies of Twitter are being tightened by the Government of India.
Koo App users increasing so far:
Koo app users have almost doubled in the last 3 months, from 30 lakh in February to 60 lakh today. Investors see this as full of expectations. Unmay Radhakrishnan, founder of Koo, said his platform has the potential to become the world's largest social media platform.
Ban on social media platform:
At the same time, The Government of India had on February 25, 2021 gave social media companies three-month time to comply. The deadline is ending May 25, but none of the top firms have reportedly adhered to the new rules.
The rules come into effect on May 26, 2021 and if social media companies do not comply, they may lose their status and protections as intermediaries and may become liable for criminal action as per existing laws of India, sources said.
Among various measures, the rules had said social media companies can look at offering a voluntary user verification mechanism to those who wish to verify their accounts.
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