Who says there is no room for a new social network?
Tiger Global is in advanced stages of talks to lead a round of $15 million to $20 million in seven-month-old Kutumb that values the Indian startup at about $170 million, four people familiar with the matter told News.
The American investment firm has offered a termsheet to the Indian startup but the deal — a Series A — has not closed yet, some of the people said on the condition of anonymity as the talks are private. Usual caveat: Terms may change, or the deal may not materialize.
Kutumb, which means family in Hindi, has built a “private social network like Reddit” that connects communities based on “culture, creed, beliefs, interests, [and] professions.”
The startup’s eponymous six-month-old app has amassed over 11 million monthly active users, up from about 550,000 in December last year, according to mobile insight firm App Annie (data of which an industry executive shared with News.)
Kutumb was valued at about $15 million late last year when it raised funds from Sequoia Capital India’s Surge accelerator. It raised about $2.5 million in its seed financing round, according to insight firm Tracxn.
Tiger Global declined to comment. One of the co-founders of Kutumb didn’t respond to a request for comment.