Source: Eximius Ventures
Shuru, a location-based social networking platform that emphasizes connecting people in their local community, has raised Rs 29 crore in an ongoing funding round. South Korean gaming giant Krafton reportedly invested Rs 21 crore, acquiring approximately a 16% stake, according to sources familiar with the matter. However, Krafton has not confirmed the amount or stake in its official release
Founded in 2021 by Mayank Bhangadia and Harsh Chhabra, Shuru seeks to bring neighborhoods closer through real-time interactions, encouraging civic participation, and supporting small and local businesses. Since its launch, Shuru has grown rapidly and has crossed over 2 million active users across 600+ cities, and 8,000+ sub-districts across India.
The app provides a space for users to keep track of events, services, and concerns within their local communities. It even supports local shops and businesses by promoting their products and connecting with customers in a one-on-one way. This makes it beneficial to the user and the business
Prior to Krafton’s investment, Shuru had successfully raised funding from a number of prominent investors, including Omidyar Network India, Kunal Bahl and Rohit Bansal (founders of Titan Capital), Eximius Ventures and Shastra VC. The new investment from Krafton is expected to give Shuru the boost it needs to grow its operations, build on its technology, and extend its reach to more cities and users.
As per regulatory filings with the Ministry of Corporate Affairs (MCA), the funding of Rs 29 crore came from Krafton, Omidyar Network and Eximius Trust. Following this round of investment, Shuru’s estimated post-money valuation is approximately Rs 135 crore according to Entrackr.
In response to Entrackr’s inquiries on Wednesday, Krafton confirmed the investment in a press release, but it did not disclose the exact amount of funding or valuation.
For the fiscal year ending in March 2024, Shuru had a revenue of Rs 26.84 lakh. However, it also reported a loss of Rs 3.31 crore over the same period. Up to this time, the company has not published any public financial statements for this fiscal year.
As part of its broader strategy to support viable startups in India’s gaming & digital sectors, Krafton plans on investing over $200 million in the country’s gaming and digital sectors. Krafton’s investment in Shuru is part of a plan. In August 2023, Krafton unveiled plans to invest $150 million in India over a two to three period. Besides Shuru, Krafton has been investing in a few other Indian startups including
- Kuku FM, an audio content platform
- Cashfree, a payments solution; One Impression, a digital marketing company
- Bobble AI, a keyboard app with AI
- Pratilipi, a storytelling platform;
- Nautilus, an emerging tech company.
