Connect with us

Business

Indian Social Media Platform Koo Shuts Down After Failed Sale Talks

Published

2 days ago

on

Times News Global Featured Image

Indian social media platform Koo, once positioned as an alternative to global giant X (formerly Twitter), has announced its closure following unsuccessful discussions regarding a potential sale after facing financial challenges.

The co-founder, Mayank Bidawatka, shared on LinkedIn that despite efforts to engage media companies and internet firms for acquisition, the negotiations did not lead to a favorable outcome due to concerns about user-generated content.

Koo, founded in 2020 by Aprameya Radhakrishnan and Bidawatka, gained traction with support from influential politicians like Piyush Goyal and Ravi Shankar Prasad, attracting millions of users at its peak.

Investors including Tiger Global and Accel injected over $60 million into Koo, valuing the company at $274 million in 2022, according to Tracxn data.

However, the platform struggled to monetize effectively, leading to financial strain amidst challenging market conditions.

In the financial year 2021-22, Koo reported a loss of ₹197 crore against meager operating revenue of ₹14 lakh, as per regulatory filings.

The closure of Koo highlights the funding crunch faced by startups globally, hindering its potential for international expansion as stated by Bidawatka in earlier LinkedIn posts.

Rachel Adams

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.