2024-07-05 01:20:02
Indian microblogging platform Koo, an alternative to X (formerly Twitter), is shutting down, The Morning Context reported, citing an unnamed source. The four-year-old startup’s decision to wind up was triggered after acquisition talks with online media firm Dailyhunt fell through, the report claimed. Koo was launched as a homegrown alternative to X and was promoted extensively by celebrities and ministers. The company even managed to garner investor attention and expand to Nigeria and Brazil.
Founded in 2020 by entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka, it was the first Indian microblogging site available in over 10 languages. The app had a yellow bird as its logo and nearly 60 million downloads since its launch.
Although in February 2021, the company raised $4.1 million in its series A round and three months late raised another $31 million led by American investment firm Tiger Global. By June 2022, Koo had raised over $57 million and reached its peak valuation of $285.5 million. By July 2022, the app had reached a peak of more than 9 million monthly active users.
But the company has been in a tight spot as it has been unable to raise additional funds and cuts its workforce to a fifth in the past four years. Koo founders paid salaries this out of their own pockets, the report claimed. The company was in talks for an acquisition by Dailyhunt.
