Koo App reports Rs 4.88 Cr Revenue, losses widen to Rs 197.15 Cr
- ByStartupStory | January 13, 2023
According to regulatory filings, social media microblogging platform Koo App reported Rs 13.9 lakh in revenue from operations, while its losses increased to Rs 197.15 crore.
The platform’s revenue from operations was Rs 7.8 lakh, with a loss of Rs 35.19 crore the previous year.
Koo’s other income was Rs 4.74 crore, which included interest from bank deposits worth Rs 4.03 crore. It also earned Rs 66.8 lakh from investment gains, bringing its total revenue to Rs 4.88 crore.
On the expense side, advertisement and business promotions cost the most, accounting for Rs 124.07 crore. This was Rs 6.61 crore a year ago. The next major expense was employee benefits, which totaled Rs 36.19 crore, up from Rs 9.29 crore in the same period last year.
According to Koo’s filings, the total expense is Rs 202.03 crore, which includes a technology cost of Rs 23.50 crore and a legal and professional expense of Rs 11.40 crore. Last year, it cost a total of Rs 24.77 crore.
The platform raised $6.3 million in a new round led by Tiger Global and Accel Partners last year. Kalaari Capital, 3one4 Capital, and Dream Incubator (DI), a Tokyo-based private equity firm, also participated in the round. According to its annual financial statement filed with the Registrar of Companies (RoC), Koo increased its operating revenue by 75% to Rs 14 lakh in the fiscal year ending March 2022, up from Rs 8 lakh in FY21.
Koo was launched in March 2020 and has now become the 2nd largest multi-lingual microblogging platform available to the world. The site was co-founded by entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka.
Follow Startup Story
Related Posts
