Tiger World in talks to spend money on younger Indian social community at $170M valuation – TechCrunch
Who says there isn’t any room for a brand new social community?
Tiger World is in superior levels of talks to steer a spherical of $15 million to $20 million in seven-month-old Kutumb that values the Indian startup at about $170 million, 4 folks aware of the matter informed TechCrunch.
The American funding agency has supplied a termsheet to the Indian startup however the deal — a Sequence A — has not closed but, a number of the folks mentioned on the situation of anonymity because the talks are personal. Standard caveat: Phrases might change, or the deal might not materialize.
Kutumb, which implies household in Hindi, has constructed a “personal social community like Reddit” that connects communities primarily based on “tradition, creed, beliefs, pursuits, [and] professions.”
The startup’s eponymous six-month-old app has amassed over 11 million month-to-month energetic customers, up from about 550,000 in December final 12 months, in response to cell perception agency App Annie (information of which an business govt shared with TechCrunch.)
Kutumb was valued at about $15 million late final 12 months when it raised funds from Sequoia Capital India’s Surge accelerator. It raised about $2.5 million in its seed financing spherical, in response to perception agency Tracxn.
Tiger World declined to remark. One of many co-founders of Kutumb didn’t reply to a request for remark.