Around 10 months old microblogging startup Koo has raised $ 41 lakh (Rs 29.84 crore). The indigenous microblogging startup Koo will use this capital to increase its capacity. According to the statement released by the company, it will use this fund for marketing to increase awareness of its app and the challenges faced in the Indian environment. Koo Made in India is an app that gives people the freedom to express their views in their own language as an alternative to Twitter. Koo has raised this fund of Rs 2984 crore from investors such as Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator apart from 3one4 Capital, an early stade venture capital firm.
The indigenous app Koo was launched by the incomparable Radhakrishna, who is also the co-founder of cab-hailing company TaxiForSure. Radhakrishna is one of the 24 winners of the Self-reliant India App Innovation College in the year 2020. TaxiForSure, the taxi app that Radhakrishna started, was acquired by his biggest rival about 5 years ago.
Freedom to express his views on Koo in Indian languages
According to Radhakrishna, the microblogging platforms currently available are unlikely to grow among people outside of the English-speaking people. Koo gives freedom to all the people of the country to express their views or opinions in their language. Radhakrishna believes that Koo will strengthen the voice of Indians on the Indian platform. According to Anurag Ramdasan, Principal of Thrivanfor Capital, Koo is a very valuable and powerful platform in the Indian context. Ramdasan says that the social platform in the country should be kept beyond language, that is, in such a diverse country, it should be such a social platform to be able to express its opinion to all types of people. Former Infosys senior executive Mohandas Pai is also one of the investors of Thrivanfor Capital.
Number of social network users increasing rapidly
Many languages are spoken in India. In such a situation, as an alternative to Facebook, Twitter and WhatsApp, users of many such apps are growing rapidly which are giving people freedom to express their opinions in regional languages, such as – Koo, Tutor, Elements, Namaste Bharat, Indian Messenger. Baba Ramdev’s Patanjali Ayurved also entered the social networking segment about three years ago in 2018 through the Kimbho app, but the plan could not succeed due to privacy concerns. According to Statista, social network users in India were 14.2 crore in 2015, which increased to 32.6 crore in 2018 and it is estimated that by 2023 it will increase to 44.7 crore. According to the web traffic analysis website StatCounter, in January 2021, Facebook had a share of 82.53 per cent in the social media market while Twitter had a mere 2.52 per cent.