Koo posts Rs 4.88 Cr revenue, losses widen to Rs 197.15 Cr
Social media microblogging platformreported Rs 13.9 lakh as revenue from operations, while its losses went up to Rs 197.15 crore, according to regulatory fillings. The platform's revenue from operations stood at Rs 7.8 lakh, and the loss was Rs 35.19 crore a year ago.
Koo's other income, which includes interest from bank deposits that accounts for Rs 4.03 crore, stood at Rs 4.74 crore. It also earned Rs 66.8 lakh from gain on sale of investments, taking its overall revenue to Rs 4.88 crore.
On the expense front, its biggest cost came from advertisement and business promotions, which accounted for Rs 124.07 crore. A year ago, this was Rs 6.61 crore. The next big expense was employee benefit accounting for Rs 36.19 crore, which was Rs 9.29 crore in the same period a year ago.
Koo's filings also show a technology cost of Rs 23.50 crore and a legal and professional expense at Rs 11.40 crore, driving the total expense to Rs 202.03 crore. It posted a total cost of Rs 24.77 crore last year.
Last year, the platform raised $6.3 million in a new round co-led by Tiger Global and Accel Partners. The round also saw participation from Kalaari Capital, 3one4 Capital, and Dream Incubator (DI), a Tokyo-based PE firm.
Edited by Akanksha Sarma and Megha Reddy