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

EntrackrEntrackr · 10m 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 · 8m 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.

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