News on Medial

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

Entrackr · 2m

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.