Social community enabler Kutumb is all set to raise $25 million in a round led by Tiger Global along with the participation of two new investors, according to three people aware of the transaction.
“Tiger Global will lead the round in participation with two new investors DST Global and Quiet Capital,” said one of the persons on the condition of anonymity. “The transaction is almost closed and will be announced soon.”
Quiet Capital is a US-based venture capital firm that invests in startups across seed, early and late-stage. This is the first investment for them in India.
It’s worth noting that the startup founded in mid-2020 had raised $2 million in its seed funding in December and $500K in pre-seed in September. Entrackr had exclusively reported its seed round in December.
A TechCrunch report in early March said that Tiger Global was in advanced stages to lead a $15-20 million round in Kutumb at about $170 million valuation.
“Kutumb will be valued at around $150-155 million in its Series A round in which Sequoia will also participate,” said the second person. This will be more than a 16X jump in the company’s valuation in a matter of five months.
According to Fintrackr, the Bengaluru-based company was valued at around $9 million during its seed round in December.
“Kutumb has garnered interest from several institutional investors and the round may touch $30 million,” added the second person quoted above.
Queries sent to Kutumb, Tiger Global, DST Global, Sequoia and did not elicit immediate responses. We’ll update the post in case they do. Quiet Capital couldn’t be reached out.
Dubbed as a Reddit for Bharat users, Kutumb was founded by former executives of Pratilipi: Mohit Sharma, Naveen Dewangan and Vipul Allawadhi. It allows users to create apps to connect with people in their community, share news, updates of members and discuss any issue.
The app is available in Hindi, English, Gujarati, Marathi Kannada, Punjabi, Telugu and Bengali languages.
Kutumb was a part of the fourth cohort of Sequoia’s accelerator program Surge. Besides Surge, individual investors including Kunal Bahl, Rohit Bansal, Sujeet Kumar, Roman Saini, Gaurav Munjal, Dinesh Godara and Ranjeet Pratap Singh have also invested in the startup.