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Jul 03, 2024 12:47 PM IST
Koo was launched as a homegrown alternative to X and even managed to garner investor attention and expand to Nigeria and Brazil.
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.
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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.
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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.
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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.
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