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Koo seeks fresh funds, might get acquired

Economic Times

Economic Times · 2y ago

Koo seeks fresh funds, might get acquired

Microblogging startup Koo's co-founder, Mayank Bidawatka, stated that the next phase for the company involves building scale, either through funding or a strategic partnership with a player that already has it. Bidawatka believes that partnering with a company that has a strong distribution network will provide Koo with a massive user base and help it grow. He also mentioned that Koo had to shift its focus from rapid growth to proving unit economics due to market conditions. The company aims to cater to native language speakers worldwide and believes that a language-first platform is essential for inclusive microblogging.

Related News

Exclusive: Koo Halts Salary Payments Amid ‘Talks With Strategic Partners’

Inc42 · 1y ago

Exclusive: Koo Halts Salary Payments Amid ‘Talks With Strategic Partners’

Indian microblogging app Koo has reportedly stopped paying salaries to its employees due to financial constraints. Multiple employees had raised concerns about the halted salaries, and the company confirmed the development. Koo stated that it is in talks with strategic partners and has invested personal funds to meet past salaries. The company aims to continue paying salaries after securing a partnership that includes fresh capital infusion. Koo has experienced a significant reduction in headcount since 2022 and is looking to establish a sustainable revenue model. Reports suggest that Dailyhunt is in talks for a potential acquisition of Koo.

Recreating what already exists won't get us there: Ola CEO on Koo

Inshorts · 1y ago

Recreating what already exists won't get us there: Ola CEO on Koo

As Koo shut down operations, Ola CEO Bhavish Aggarwal expressed sadness over it. Taking to X (formerly Twitter), Aggarwal wrote, "Sad to see what happened with Koo. We need Indian social platforms but recreating what already exists won't get us there." Koo shut down after acquisition talks with Dailyhunt failed.

How Tiger Global-Backed Koo Lost Its X-Factor

Inc42 · 1y ago

How Tiger Global-Backed Koo Lost Its X-Factor

Indian microblogging platform Koo, once touted as a potential rival to Twitter, is now facing numerous challenges. The startup's active user base has dropped by 62% in the past nine months, and it has struggled to find a sustainable revenue model. Koo has also experienced layoffs, with its workforce decreasing from around 400 employees in 2022 to just 60 now. Speculation suggests that Koo may be acquired by VerSe Innovation, the parent company of Dailyhunt and Josh. However, experts question the viability of the acquisition and whether it can turn Koo's fortunes around.

How Tiger Global-Backed Koo Lost Its Mojo & Shut Shop

Inc42 · 1y ago

How Tiger Global-Backed Koo Lost Its Mojo & Shut Shop

Microblogging platform Koo has faced significant financial challenges, reporting a net loss of INR 244 crore between FY20 and FY22, with revenue of just INR 21 lakh during the same period. These financial struggles were compounded by a decline in user numbers and difficulties in raising funds. Talks of potential acquisition by Dailyhunt and Josh parent company VerSe also failed, leading to the eventual shutdown of Koo.

Captain Fresh snags additional $25 mn under ongoing Series C round

VCCircle

VCCircle · 1y ago

Captain Fresh snags additional $25 mn under ongoing Series C round

Indian B2B seafood provider Captain Fresh has raised $25m in an ongoing Series C funding round. The funds were secured from Nekkanti Seafoods Group, British International Investment, and several family offices. Captain Fresh has also acquired French shrimp distributor Senecrus as part of its EU expansion plans. The company aims to strengthen its distribution presence in the region through further acquisitions and joint ventures. Captain Fresh previously raised $20m in September 2023 and $50m in its initial Series C funding round in 2022. The latest funds will be used to improve distribution in the US and Europe.

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

Entrackr

Entrackr · 26d ago

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

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.

With a decline in growth, India’s Twitter alternative Koo weighs M&A options

Entrackr

Entrackr · 2y ago

With a decline in growth, India’s Twitter alternative Koo weighs M&A options

Koo, the local language microblogging platform, is reportedly facing challenges in raising funds due to a decline in its growth over the past year. The platform has seen a drop in monthly active users, with April numbers at 3.1 million compared to 3.2 million in March and a peak of 9.4 million in July 2022. Koo is also exploring merger and acquisition opportunities. Despite raising $10 million earlier this year and introducing creator monetization, the platform is grappling with revenue-related issues and may consider strategic consolidation options.

Dunzo delays paying salaries further as company faces severe cash crunch

Economic Times

Economic Times · 2y ago

Dunzo delays paying salaries further as company faces severe cash crunch

Cash-strapped quick-commerce startup Dunzo has delayed paying August salaries to employees, citing procedural requirements. Founder Kabeer Biswas assured payment next week, hinting at potential fresh funding. The company, facing a cash crunch and investor disputes, had previously promised August salary clearance by this week, and unresolved delays for June and July salaries. Legal notices from Google India, Koo, and Glance also compound its challenges.

South Korea to raise concerns to US over potential curbs on chipmakers' China operations

Economic Times

Economic Times · 3m ago

South Korea to raise concerns to US over potential curbs on chipmakers' China operations

South Korea's trade minister, Yeo Han-koo, plans to discuss potential U.S. restrictions on South Korean chipmakers operating in China during upcoming trade discussions in Washington. The talks are part of ongoing tariff negotiations, with a current focus on crafting a trade deal by July 8. Yeo, who was recently appointed following a snap election, expressed concerns over U.S. policies that could affect foreign chipmakers and indicated negotiations might extend beyond the initial deadline.

Sarvam's Indic AI model: Hype, Hope and the Hunt for Tech Sovereignty

OutlookIndia

OutlookIndia · 4m ago

Sarvam's Indic AI model: Hype, Hope and the Hunt for Tech Sovereignty

Sarvam AI launched its Indic-focused AI model, Sarvam-M, aiming to compete with Western models by catering specifically to Indian languages. While some view it as a technological breakthrough, others criticize its minimal adoption, as evidenced by only 23 downloads compared to another open-source model's 200,000. Concerns arise over whether Sarvam might follow unsuccessful India-first tech attempts like Koo and Hike. Critics argue it needs more compelling use-cases to truly resonate.

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