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Vernacular microblogging platform Koo has ceased operations after failing to secure a buyer, as stated by the company's co-founder and CEO Aprameya Radhakrishna on LinkedIn. The shutdown was inevitable due to the company's struggles with user engagement and securing follow-on investment. In September 2023, Entrackr reported that Koo was seeking a merger and acquisition deal after failing to raise new funding.
Radhakrishna mentioned that Koo explored M&A options with major internet companies, media firms, and conglomerates, but none of these efforts were successful. He explained that maintaining a social media app is costly, which forced the company to make the difficult decision to shut down. Radhakrishna emphasized the need for platforms that support local languages, as 80% of the world's population speaks languages other than English. He expressed a desire to democratize expression and connect people in their native languages, highlighting that most global platforms are dominated by Americans and advocating for India's presence in the digital space.
Koo last raised $6 million in November 2022, co-led by Tiger Global and Accel Partners, with participation from Kalaari Capital, 3one4 Capital, and Dream Incubator (DI). According to startup data intelligence platform TheKredible, Koo has raised over $50 million in total, with its largest round of $30 million in May 2021. As of the last funding round, Radhakrishna held a 22% stake in the company, while Accel and Tiger Global held 15.8% and 11.8% stakes, respectively.
Koo gained prominence in early 2021 during Twitter's conflict with the Indian government, benefiting from the ban on TikTok. The platform, which resembled Twitter with a yellow bird logo and a yellow tick for verified users, saw a surge in popularity. At its peak, Koo had around 2.1 million daily active users and approximately 10 million monthly active users. Radhakrishna claimed that in 2022, Koo was close to surpassing Twitter in India and could have achieved this goal with additional capital.Vernacular microblogging platform Koo has ceased operations after failing to secure a buyer, as stated by the company's co-founder and CEO Aprameya Radhakrishna on LinkedIn. The shutdown was inevitable due to the company's struggles with user engagement and securing follow-on investment. In September 2023, Entrackr reported that Koo was seeking a merger and acquisition deal after failing to raise new funding.
Radhakrishna mentioned that Koo explored M&A options with major internet companies, media firms, and conglomerates, but none of these efforts were successful. He explained that maintaining a social media app is costly, which forced the company to make the difficult decision to shut down. Radhakrishna emphasized the need for platforms that support local languages, as 80% of the world's population speaks languages other than English. He expressed a desire to democratize expression and connect people in their native languages, highlighting that most global platforms are dominated by Americans and advocating for India's presence in the digital space.
Koo last raised $6 million in November 2022, co-led by Tiger Global and Accel Partners, with participation from Kalaari Capital, 3one4 Capital, and Dream Incubator (DI). According to startup data intelligence platform TheKredible, Koo has raised over $50 million in total, with its largest round of $30 million in May 2021. As of the last funding round, Radhakrishna held a 22% stake in the company, while Accel and Tiger Global held 15.8% and 11.8% stakes, respectively.
Koo gained prominence in early 2021 during Twitter's conflict with the Indian government, benefiting from the ban on TikTok. The platform, which resembled Twitter with a yellow bird logo and a yellow tick for verified users, saw a surge in popularity. At its peak, Koo had around 2.1 million daily active users and approximately 10 million monthly active users. Radhakrishna claimed that in 2022, Koo was close to surpassing Twitter in India and could have achieved this goal with additional capital.
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