Who says there is no place for new social networks? Tiger Global is in the forefront of the seven-month-long $15 million to $20 million negotiations on Kutumb, which would cost Indian startups about $170 million, four people familiar with the matter told TechCrunch. The American investment firm offered a conditional letter to the Indian startup, but the deal – in a series – has not yet closed, with some saying on condition of anonymity that the talks were private.
General Caution: Terms may change, or the contract may not be effective. Kutumb, which means family in Hindi, has created a “personal social network like Reddit” that “connects communities based on culture, caste, creed, interests and [and] profession”. According to mobile insight firm App Annie, the startup’s six-month-old app has garnered 11 million monthly active users, up from about 550,000 in December last year, which shared by a technology executive with TechCrunch).
Kutumb was valued at $15 million at the end of last year when funds raised from Sequoia Capital India’s Serge Accelerator. Insight firm Tracxn said it raised about $2.5 million in its seed-financing round. Tiger Global declined to comment. One of the co-founders of Kutumb did not respond to a request for comment.
Kutumb, which means family in Hindi, has created a “personal social network like Reddit” that “connects communities based on culture, caste, creed, interests and (and) profession.” According to mobile insight firm App Annie, the startup’s six-month-old app has garnered 11 million monthly active users, up from about 550,000 in December last year, which shared by a technology executive with TechCrunch).
Kutumb was valued at $ 15 million at the end of last year when funds raised from Sequoia Capital India’s Serge Accelerator. Insight firm Tracxn said it raised about $2.5 million in its financing round. Tiger Global declined to comment. One of the co-founders of Kutumb did not respond to a request for comment.
