As part of the first tranche, which was executed in January, the company said it has allotted 3,389 Series B2 compulsory convertible preference shares (CCPS) to seven investors for Rs 28 crore, documents accessed by ET show.
Other Investors that participated in the round include FBC Venture Partners, Yulubike’s Hemant Gupta, and Adventz Finance Private Limited.
A month later, the company raised Rs 51 crore from 28 investors by allocating 6,142 Series B2 CCPS shares.
In an interview in 2021, Aprameya Radhakrina, cofounder and CEO, said he expected the company to grow rapidly. “We haven’t started monetisation yet. We will be focused on growth till we get at least 100 million downloads. Till then it’s about acceleration to get to those numbers. We should hit that mark in a year,” he added.
The high growth has meant the company is being courted by many strategic and financial investors. According to sources, it is in talks with investors to raise a large round of funding.
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Founded in March 2020 by Aprameya Radhakrishna and Mayank Bidawatka, Koo has been advertised as India’s social media platform.
