Shuru: Social Networking Platform Secures Rs 29 Crore Funding
Shuru, a location-based social networking platform, has successfully raised Rs 29 crore in a recent funding round, as per insights from Startup Superb.
The South Korean gaming giant Krafton has taken a notable 16% stake in Shuru by investing Rs 21 crore, according to the same sources.
Established in 2021 by Mayank Bhangadia and Harsh Chhabra, Shuru has significantly grown, now boasting over 2 million active users across more than 600 cities and 8,000 sub-districts. The platform aims to facilitate real-time engagement, encourage civic participation, and promote local businesses, striving to connect people with their communities.
Shuru has garnered previous support from investors including Omidyar Network India, Titan Capital’s Kunal Bahl and Rohit Bansal, Eximius Ventures, and Shastra VC. The recent investment from Krafton is poised to bolster its next growth phase and scaling initiatives.
The regulatory filing with the Ministry of Corporate Affairs (MCA) indicates that Shuru is raising Rs 29 crore from Krafton, Omidyar Network, and Eximius Trust.
According to Startup Superb’s assessments, the valuation of Shuru is projected to be around Rs 135 crore post-money.
In response to queries from Startup Superb on Wednesday, Krafton confirmed the investment development through a press release but refrained from commenting on the funding amount and valuation.
For the fiscal year concluding in March 2024, Shuru reported a revenue of Rs 26.84 lakh alongside losses of Rs 3.31 crore. The financials for FY25 have yet to be filed.
Krafton’s engagement with Shuru aligns with its broader strategy to invest in Indian startups, which is evident from its recent commitment to allocate over $200 million in India’s gaming and digital sectors. In August 2023, Krafton declared plans to invest $150 million in the Indian market within the next two to three years. Some of its prominent investments include Kuku FM, Cashfree, One Impression, Bobble AI, Pratilipi, and Nautilus.