Indore-based hyperlocal community app Shuru, co-founded by Roposo’s Mayank Bhangadia, has raised INR 29 crore (about $3.37 million). The Series A funding round was led by KRAFTON’s India arm, with Omidyar Network India and Eximius Ventures also participating.
Who Invested and How Much?
- KRAFTON India: INR 21.62 crore
- Omidyar Network India: INR 6.48 crore
- Eximius Ventures: INR 86.32 lakh
The investment was made through the allotment of 3,793 Series A Compulsory Convertible Cumulative Preference Shares (CCCPS) at a premium price of INR 76,381.83 per share.
What is Shuru?
Shuru is a community-driven social app launched in 2021 by Mayank Bhangadia and Harsh Chhabra. The app aims to bridge the gap between people and their surroundings. Users can:
- Share local updates
- Support neighbourhood businesses
- Address civic issues
- Build stronger communities
The platform claims a user base of 1 crore (10 million) and is focused on empowering Indians to connect and collaborate at the grassroots level.
Why Did KRAFTON Invest?
KRAFTON, the gaming giant behind BGMI, sees this investment as a way to:
- Engage with regional Indian audiences
- Drive grassroots-level community connections
- Broaden reach for its games in local markets
KRAFTON also plans to help Shuru expand its high-engagement gaming offerings, leveraging its expertise to attract more users to the app.
KRAFTON’s India Strategy
This investment is part of KRAFTON’s larger commitment to invest $150–200 million in India. The company has already invested about $200 million in Indian startups to capture a bigger share of the homegrown gaming market.
Recent moves by KRAFTON in India include:
- Incubating six Indian gaming studios with grants of up to $150,000 each
- Increasing its stake to 75% in Pune-based Nautilus Mobile with an additional INR 118 crore investment
- Investing in digital entertainment company JetSynthesys
KRAFTON is focused on picking minority stakes in promising Indian startups and gradually increasing its holdings as synergies grow.
About the Founders
Mayank Bhangadia is best known for founding Roposo, a video entertainment app acquired by InMobi in 2019. He is an IIT Delhi alumnus and serial entrepreneur with a vision to digitally empower local communities across India.
Harsh Chhabra has a decade of experience in building community-driven platforms and aims to amplify local voices through Shuru.