Bangalore-based startup Kutumb, which has built a social community app platform focused on Bharat, has raised $26 million in a Series A round led by Tiger Global, making it one of the largest Series A rounds for any Indian startup. The board of Kutumb has approved the allotment of 2,919 Series A preference shares at an issue price of Rs 657,140.76 per share to raise Rs 192 crore or $26 million, regulatory filings show.
Tiger Global has invested $18.5 million followed by Quiet Capital which has pumped in a little over $3 million. Rocketship VC, Nirman Investments, AL Trust, and others including angel investor Sujeet Kumar have invested the remaining amount in the current round.
According to Fintrackr’s estimates, Kutumb has raised the Series A round at a post-money valuation of $167-170 million.
With the latest investment round, Kutumb has made its entry into the top five list of largest Series A rounds raised by Indian startups ever. Ola Electric, Ananth Narayanan-led Mensa Brands, fintech startup FamPay and home interior design startup Design Cafe are ahead of Kutumb with $58 million, $50 million, $38 million, and $29 million raised respectively in their Series A rounds.
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Founded in 2020 by Abhishek Kejriwal, Vipul Allawadhi, and Naveen Dewangan, Kutumb is a social networking app that lets users connect with their community. It enables discovery of relevant communities, curated discovery of relevant content, discussions about issues in the community, connections with other community members, and security and moderation within community forums.
Following the allotment of shares, the stakes of co-founders –Mohit Sharma, Naveen Dewangan, and Vipul Allawadhi — have been diluted to 53.8% from 63.81% in the previous round concluded in December 2020.
Since its inception, the platform has witnessed huge traction. According to app intelligence platform Sensor Tower, Kutumb recorded more than 3 Mn downloads in February 2021. Currently, the app has 11 Mn+ monthly active users. It aims to position itself as a Reddit-like platform for Bharat users, preferably in the Hindi-speaking belt.
The company was a part of the fourth cohort of Sequoia’s accelerator program Surge and counts Kunal Bahl, Rohit Bansal along Whiteboard Capital as its early backers.
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