Shuru, a social networking app based on location, has raised ₹29 crore in a new round of funding, according to sources who spoke to Entrackr.
According to the sources, South Korean gaming giant Krafton has invested ₹21 crore in Shuru, buying about a 16% stake in the company.
Shuru was started in 2021 by Mayank Bhangadia and Harsh Chhabra. It has grown to over 2 million active users in over 600 cities and 8,000 sub-districts. The platform helps people connect with others in their area in real time, participate in local issues, and support nearby businesses. Its main goal is to bring citizens closer to their neighborhoods.
Shuru had earlier received support from investors like Omidyar Network India, Kunal Bahl, and Rohit Bansal from Titan Capital, Eximius Ventures, and Shastra VC. The new investment from Krafton is expected to help the company grow further and expand its reach.
Shuru’s official filing with the MCA shows it is raising ₹29 crore from Krafton, Omidyar Network, and Eximius Trust.
According to Entrackr’s estimates, the company’s value after this funding round will be around ₹135 crore.
Krafton confirmed the news in a press release after Entrackr asked them on Wednesday. However, they did not share details about the amount of funding or the company’s valuation.
For the year ending in March 2024, Shuru reported ₹26.84 lakh in revenue and a loss of ₹3.31 crore. The company has not yet filed its financial details for the year 2025.
Krafton’s investment in Shuru is part of its plan to invest in Indian startups. Its recent decision to invest over $200 million in India’s gaming and digital sectors shows this. In August 2023, Krafton promised to invest $150 million in India over the next two to three years. Some companies it has invested in include Kuku FM, Cashfree, One Impression, Bobble AI, Pratilipi, and Nautilus.
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