The missive follows recent revelations by Facebook whistleblower Frances Haugen that have "alarmed" the government, specifically with regard to the India experiment, where a dummy user's feed was filled with fake news and hate speech.
Alumni Ventures Group, Commerce Ventures as well as angel investors including Nami Zarringhalam, cofounder of Truecaller; Sriram Krishnan, general partner of Andreessen Horowitz, also participated in the funding round.
Acko, which is the newest Indian unicorn, was last valued at around $400 million last year.
Evan Speigel also spoke about the reasons behind the company's dramatic turnaround since 2017, the ubiquitous Stories format that Snapchat pioneered, the ongoing controversy around Facebook, and Apple's recent privacy changes.
Snap sees India as a priority market after breaching 100 million monthly user base
In an exclusive interview, Snap Inc CEO Evan Spiegel told us the reasons for Snap’s resurrection, the secrets of its success in India, and what he really thinks of Facebook.
Investment firm Blackrock Capital Group and asset manager Fidelity were among the top buyers in the$319.68 million sale of shares that FSN E-Commerce Ventures, the company which owns the Nykaa brand.