Shunwei Capital, founded by Xiaomi founders Lei Jun and Tuck Lye Koh, which manages assets of about $3 billion has co-led a $5.5 million (about Rs 40 crore) investment round in regional language podcast app Kuku FM. This marks their first deal, in the new calendar year, in the Indian startup ecosystem for the two deep-rooted Chinese investors.
“We’re super bullish on vernacular language social network. Because we have an extremely high conviction that India will have at least one social network with at least 100 million daily active users. Today in China, there are few of them. Many of them are valued at tens of billions of dollars. There are 1.4 billion people in India, it’s a vast geography with different dialects and habits. Facebook and Twitter are mostly English dominated. And we believe that there’s demand for a Hindi social network, a Tamil social network. ” says Tuck Lye Koh.