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Koo co-founder Mayank Bidawatka finalizes pre-seed for new startup

EntrackrEntrackr · 11m ago
Koo co-founder Mayank Bidawatka finalizes pre-seed for new startup
Medial

Mayank Bidawatka, co-founder of the vernacular microblogging platform Koo, is set to launch his new venture, Billion Hearts Software Technologies, in the coming months. Mayank Bidawatka is also planning to raise nearly $500,000 to establish the startup’s operations. The board at Billion Hearts has passed a resolution to raise Rs 4.13 crore, according to its regulatory filing accessed from the Registrar of Companies (RoC). The company has already issued 39 pre-seed compulsory convertible preference shares (CCPS) to raise Rs 1.94 crore from the company’s founders in proportion to their capital. The documents do not explicitly mention the names of the investors but state that the shares will be issued to the existing shareholders. Founder Mayank Bidawatka and director Ankita Gandhi are the only two equity holders in the company, mentions the document. According to TheKredible’s estimates, if the round concludes, the company will be valued at Rs 70.5 crore or $8.5 million. The Bengaluru-based company also disclosed that it is creating an employee stock option plan (ESOP Plan) of 333 equity shares worth Rs 16.5 crore As per Billion Hearts, it will build consumer products for global users. Vernacular microblogging platform Koo shut down its operations in July this year amid no traction and follow-up investment. The company was also looking for a merger and acquisition deal but failed to find a buyer.

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Billion Hearts raises $4 Mn in new round

EntrackrEntrackr · 9m ago
Billion Hearts raises $4 Mn in new round
Medial

Mayank Bidawatka, co-founder of the vernacular microblogging platform Koo, has raised $4 million for his new consumer tech startup, Billion Hearts, in a funding round led by early-stage venture capital firm Blume Ventures. The round also saw participation from General Catalyst and Athera Venture Partners. The startup had closed a ~$250K pre-seed round from the founders of redBus, Ola, InMobi, and Myntra, among others in September this year. The proceeds will be used to build a global team and enhance its technology, emphasizing that the team will remain small since it is focused on creating a tech-driven product. It also plans to expand its team to 15 by early next year. The startup is currently accepting sign-ups. The first product is slated to launch its beta in early next year for a select few users. The app will be available on both Android and iPhone devices. Vernacular microblogging platform Koo shut down its operations in July this year amid no traction and follow-up investment. The company was also looking for a merger and acquisition deal but failed to find a buyer.

Exclusive: Koo co-founder rolls out photo sharing app PicSee

EntrackrEntrackr · 7h ago
Exclusive: Koo co-founder rolls out photo sharing app PicSee
Medial

Exclusive: Koo co-founder rolls out photo sharing app PicSee Koo co-founder Mayank Bidawatka has begun the beta rollout of PicSee, an artificial intelligence-powered photo sharing app, under his new venture Billion Hearts Software Technologies. PicSee enables users to automatically discover and exchange photos with friends using face recognition and AI-based matching. According to information available on Play Store, the app lets users get photos from friends only when they share their own in return. It also offers features such as device-only storage, end-to-end encryption, screenshot blocking, a 24-hour review window, and a recall option. PicSee is currently available for both Android and iOS users in beta, but has not been officially launched. Billion Hearts was incorporated in September 2024 after Koo shut down due to investor constraints and unsuccessful acquisition talks. In the same month, the company raised around $250,000 in a pre-seed round from founders of redBus, Ola, InMobi, Myntra, and others. Two months later, Billion Hearts secured $4 million in a seed round led by Blume Ventures with participation from General Catalyst and Athera Venture Partners. The company said the funds were allocated for building global technology products and team expansion. PicSee is the company’s first product, and it plans to add AI-based photo and video editing tools, storage optimisation features, and private social sharing in subsequent updates.

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