Exclusive: Krafton leads Rs 29 Cr round in Shuru at Rs 135 Cr valuation

Shuru, a location-based social networking platform, has raised Rs 29 crore in a fresh funding round, sources aware of the development told Entrackr.

South Korean gaming major Krafton has acquired around 16% stake by investing Rs 21 crore in Shuru, according to sources cited above.

Founded in 2021 by Mayank Bhangadia and Harsh Chhabra, Shuru has expanded its presence, reaching over 2 million active users across more than 600 cities and 8,000 sub-districts. The platform enables real-time engagement, civic participation, and support for local businesses, with the goal of connecting citizens to their neighborhoods.

While Shuru had previously secured backing from investors such as Omidyar Network India, Titan Capital’s Kunal Bahl and Rohit Bansal, Eximius Ventures, and Shastra VC, the investment from Krafton is expected to support its next phase of growth and scaling.

Shuru’s regulatory filing with MCA also shows that it is raising Rs 29 crore from Krafton, Omidyar Network, and Eximius Trust.

As per Entrackr’s estimates, the firm will be valued at around Rs 135 crore (post money).

Responding to Entrackr’s queries sent on Wednesday, Krafton confirmed the development through a press release. However, it did not comment on the funding amount and valuation.

For the fiscal year ending in March 2024, Shuru reported Rs 26.84 lakh in revenue and Rs 3.31 crore in losses. It has yet to file its FY25 financials.

Krafton's interest in Shuru is part of its strategy to invest in Indian startups, reflected in its recent plans to invest over $200 million in the country's gaming and digital sectors. In August 2023, BGMI-maker Krafton committed to invest $150 million in India over the next two to three years. Some of its notable bets include Kuku FM, Cashfree, One Impression, Bobble AI, Pratilipi, and Nautilus, among others.