Key Highlights
- Shuru raises Rs. 29 crore in fresh funding round, with Krafton acquiring a 16 percent stake for Rs. 21 crore.
- Community platform Shuru, with 2 million+ users across 600 cities, now valued at approximately Rs. 135 crore post-money.
- Krafton backs Shuru as part of its $200 million commitment to invest in Indian digital and gaming startups.
The startup Shuru has secured Rs. 29 crore in its latest funding round from investors, according to people aware of the transaction.
According to sources above, South Korean gaming major Krafton has bought around 16 percent of Shuru by investing Rs. 21 crore.
Shuru was set up in 2021 by Mayank Bhangadia and Harsh Chhabra and today it has more than 2 million active users in 600 cities and 8,000 sub-districts. On the platform, members of the community can connect instantly, take part in government and help local businesses, all in support of their communities.
Past support from Omidyar Network India, Titan Capital’s Kunal Bahl and Rohit Bansal, Eximius Ventures and Shastra VC allowed Shuru to grow, but this new investment from Krafton is set to support reaching the next stage of growth and scaling up.
According to the regulatory filing from Shuru with MCA, investment of Rs. 29 crore is coming from Krafton, Omidyar Network and Eximius Trust.
According to Entrackr, the company will be worth approximately Rs. 135 crore (post money).
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Shuru said its revenue for March 2024 was Rs. 26.84 lakh and it incurred losses amounting to Rs. 3.31 crore. The company still hasn’t released its FY25 financials.
Krafton plans to support Shuru because it is a key part of its mission to invest heavily in the Indian startup sector, as shown by its recent promise to invest over $200 million in Indian gaming and digital firms.
