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New Delhi, Media firm Dailyhunt is in the advanced stages of talks to acquire homegrown microblogging platform <keyword id="20639239" type="General" weightage="20" keywordseo="koo" source="keywords">Koo</keyword>, a media report said on Wednesday. According to <keyword id="19895623" type="General" weightage="20" keywordseo="techcrunch" source="keywords">TechCrunch</keyword>, citing sources, the deal is expected to be finalised "within weeks" and involves a share-swap agreement. Founded in 2020, Koo is owned by Bengaluru-based <keyword id="20760807" type="General" weightage="20" keywordseo="bombinate-technologies" source="keywords">Bombinate Technologies</keyword>. The company was founded by <keyword id="20760806" type="General" weightage="20" keywordseo="aprameya-radhakrishna" source="keywords">Aprameya Radhakrishna</keyword> and Mayank Bidawatka and is often considered to be India's version of Elon Musk's X. In a statement to IANS, Dailyhunt parent <keyword id="20757904" type="General" weightage="20" keywordseo="verse-innovation" source="keywords">VerSe Innovation</keyword>'s spokesperson said that they have no comment on recent speculations. "Our focus remains on our core objectives," the spokesperson added. In September last year, Bidawatka said that the company is looking to "partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow." In a LinkedIn post, he mentioned that the next phase for Koo is to "build scale and that will happen with either funding or through a strategic partnership with someone who already has scale" in the "current reality of a slow investor market." In April last year, Koo said that it had let go of 30 per cent of its workforce over the course of the year amid the current global meltdown. The company had told IANS that it is important for businesses of all sizes to adopt efficient and conservative approaches to see this period through.

Dailyhunt in talks to acquire microblogging platform Koo says media report

<ul><li><keyword id="4451422" type="PERSON" weightage="20" keywordseo="Flipkart-CEO-Kalyan-Krishnamurthy">Flipkart CEO Kalyan Krishnamurthy</keyword>, <keyword id="10944578" type="UNKNOWN" weightage="20" keywordseo="zerodha-founder-nikhil-kamath">Zerodha founder Nikhil Kamath</keyword> feature in the list of investors that bought out Shunwei Capital’s stake.</li><li>Shunwei Capital had held over 9% stake in Bombinate Technologies, the parent company of Vokal and Koo.</li><li>Koo, the microblogging platform founded by Aprameya Radhakrishna and Mayank Bidawatka, had seen an upsurge in users after the Indian government’s standoff with Twitter.</li></ul>Bombinate Technologies, the parent company of Vokal and Koo, has shown the door to one of its early investors China’s Shunwei Capital as it rides on the ‘Made in India’ bandwagon. While the company didn’t release any financial details, it said that Shunwei Capital had held a bit more than 9% in Bombinate Technologies. With the Indian government’s regulations on Chinese investors and crackdown on Chinese apps in the light of the Indo-China border clash, startups have been conscious. Indian startups that are backed by Chinese investors, have been subject to <a href="https://asia.nikkei.com/Business/Startups/Indian-startups-face-a-new-normal-amid-China-conflict">backlash</a> on social media platforms, which has deviated from their ‘Made in India’ image. Chinese investors like Tencent, Alibaba who had so far been major investors in India’s startup ecosystem, are now looking at ways to<a href="https://www.livemint.com/companies/news/alibaba-puts-fresh-investment-plans-in-india-on-hold-11598459771981.html"> exit </a>their startup investments in India. The Tata Group’s reported acquisition of Indian grocery startup BigBasket is set to give an exit to one of BigBasket’s early investors – Alibaba. In Koo’s case, for the buyout of the Chinese investor came along Indian entrepreneurs and leaders of the startup ecosystem. Former Indian cricketer Javagal Srinath, BookMyShow founder Ashish Hemrajani, Udaan co-founder Sujeet Kumar, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> CEO Kalyan Krishnamurthy and <keyword id="759851" type="COMPANY" weightage="20" keywordseo="Zerodha">Zerodha</keyword> founder Nikhil Kamath bought out Shunwei Capital’s stake. Koo, the microblogging platform founded by Aprameya Radhakrishna and Mayank Bidawatka, is available in English, Hindi, Kannada, Telugu, Marathi, Tamil, Gujarati, Bengali and Malayalam. “As earlier stated, we had been in discussion with Shunwei Capital to enable a smooth exit after it invested in our company 2.5 years ago while we were raising funds for Vokal and have now fully exited the parent company Bombinate Technologies,” said Aprameya Radhakrishna, CEO and Co-founder, Koo in a statement. In India, the recent standoff between Twitter and the Indian government, which wanted the social media giant to ban <a href="https://indianexpress.com/article/india/twitter-accounts-block-govt-notice-khalistan-sympathiser-pakistan-7179728/">certain handles</a>, had come as a boon for Koo. When Business Insider had spoken with <a href="https://www.businessinsider.in/tech/news/twitter-indian-rival-koo-has-crossed-3-million-downloads-as-ministers-and-actors-got-down-to-promoting-it-the-founders-are-ecstatic/articleshow/80788087.cms">Bidawatka in </a>February 2021, the ecstatic founder had shared that the barely 10-month old app Koo had crossed over 3 million downloads, registering a 10X growth since December, 2020. Koo had earlier in February raised $4.1 million as part of its Series A funding recently from 3one4 Capital, Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-opens-today-should-you-subscribe/articleshow/81542657.cms">Nazara Technologies will be the first pure-play gaming company to debut on the Indian public markets – analysts are all in for it</a> <a href="https://www.businessinsider.in/tech/apps/news/paytm-is-betting-big-on-upi-and-though-its-still-a-distant-third-analysts-believe-it-could-have-an-edge-over-phonepe-and-google-pay/articleshow/81527588.cms">Paytm is betting big on UPI and though it’s still a distant third, analysts believe it could have an edge over PhonePe and Google Pay</a>

A flurry of Indian A-list entrepreneurs buyout Chinese investor Shunwei Capital’s stake in Koo – the microblogging site that’s taking on Twitter

New Delhi, Homegrown Twitter-like platform <keyword id="3518161" type="PERSON" weightage="20" keywordseo="koo">Koo</keyword> has garnered over 10 lakh new users in just one week, surpassing the 40 lakh-figure in nearly 10 months of its arrival, as Twitter was caught in crosshairs with the Indian government over its direction to remove nearly 1,400 controversial accounts. Koo, a favourite among several Union ministers, including IT Minister Ravi Shankar Prasad who is at the forefront of the government's war with Twitter, has reached 4.2 million users within no time. According to data analytics platform Statista, as of January 2021, the micro-blogging platform Twitter had an audience reach of 69.3 million users in the US. Japan and India were ranked second and third with 50.9 and 17.5 million users, respectively. The fast-growing vernacular platform Koo describes itself as a personal updates and opinion sharing micro-blogging service. The app won the Atmanirbhar App Innovation Challenge held in August last year and Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> encouraged Indians to use the Koo app in his 'Mann Ki Baat' speech too. However, Koo also found itself in the midst of several controversies including a data leak row and Chinese investment. Koo Co-founder and CEO Aprameya Radhakrishna denied that there was any data leak. "Koo is an India registered company with Indian founders. Raised earlier capital 2.5 years ago. Latest funds for Bombinate Technologies is led by a truly Indian investor 3one4 capital. Shunwei (single digit shareholder) which had invested in our Vokal journey will be exiting fully," Radhakrishna said in an earlier investment. Koo has raised $4.1 million as part of its Series A funding. Infosys veteran Mohandas Pai's 3one4 Capital is the latest addition to the investors on board, according to the company, and <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword>, <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, <keyword id="592779" type="COMPANY" weightage="20" keywordseo="Blume-Ventures">Blume Ventures</keyword> and Dream Incubator also participated in the round. "We have got more love than we expected. Our systems are facing more load than ever. Thank you for placing your trust in us. Our team is working on overdrive to fix it. We request your patience and support through this time. Let's do this together," Radhakrishna had said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/india-issues-new-guidelines-for-passengers-arriving-from-the-uk-brazil-europe-and-middle-east-countries/articleshow/81083248.cms">India issues new guidelines for passengers arriving from the UK, Brazil, Europe and Middle-East countries</a> <a href="https://www.businessinsider.in/business/startups/news/not-just-a-tiktok-clone-says-chingari-app-founder-with-their-latest-shop-within-videos-feature-which-he-claims-is-the-next-big-thing-in-social-commerce/articleshow/81084432.cms">‘Not just a TikTok clone,’ says Chingari founder with their latest shop within videos feature which he claims is the next big thing in social commerce</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f62-review-the-new-mid-range-killer/articleshow/81084382.cms">Samsung Galaxy F62 review – the new mid-range killer</a> <a href="https://www.businessinsider.in/business/corporates/news/cairn-energy-ceo-meets-indian-finance-secretary-as-shareholders-impatiently-wait-for-action-on-the-1-4-billion-tax-dispute/articleshow/81087952.cms">Cairn Energy CEO meets Indian finance secretary as shareholders impatiently wait for action on the $1.4 billion tax dispute</a>

As Twitter engages in a firefight with the Indian government, homegrown rival Koo crosses 4 million users within 10 months of launch

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Dailyhunt in talks to acquire microblogging platform Koo says media report

IANS

A flurry of Indian A-list entrepreneurs buyout Chinese investor Shunwei Capital’s stake in Koo – the microblogging site that’s taking on Twitter

Sanchita Dash

As Twitter engages in a firefight with the Indian government, homegrown rival Koo crosses 4 million users within 10 months of launch

IANS

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