Koo App receives $30 million funding from Tiger Global

Twitter’s rival microblogging site Koo in India has raised US $30 million (about Rs 218 crore) through Series B funding under the leadership of Tiger Global. Koo said in a statement that the current round of financing was also attended by existing investors Excel Partners, Kalari Capital, Bloom Ventures and Dream Incubator. Apart from this, IIFL and Mirae Asset have emerged as new investors.

The investment has been made at a time when the new IT intermediary regulations in the country came into effect. The new IT intermediary regulations in the country have led to increased accountability for social media companies including Twitter and Facebook.

Koo has around 6 million users. Koo said last week that it had implemented the new rules and that its privacy policy, terms of use and community guidelines are now in line with the new rules.

Koo said in a statement last Saturday that its personal policy, terms of use and community guidelines followed the requirements of the rules applicable to important social media forums. “Apart from this, Koo has implemented a proper investigation and grievance redressal mechanism and a Chief Compliance Officer, a Nodal Officer and a Grievance Officer residing in India will be part of it,” the company said.