Koo, an Indian competitor to Twitter (now X), is shutting down after collecting more than $50 million.
Aprameya Radhakrishna, the company’s founder, wrote on LinkedIn that it was shutting down. This was the end of a big project that tried to make a name for itself in the world of social media.
The owners failed to sell or merge the platform, so they had to make this tough choice.
Radhakrishna says Koo looked into merger and acquisition (M&A) options with big media, internet, and firms, but nothing came together.
Koo last raised $6 million in November 2022. Tiger Global and Accel Partners led the round, and Kalaari Capital, 3one4 Capital, and Dream Incubator (DI) also took part.
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Koo has raised more than $50 million. It got its biggest round of funding, $30 million, in May 2021. In the most recent round, Radhakrishna owned 22% of the company, while Accel and Tiger Global owned 15.8% and 11.8%, respectively.
Koo became well-known in early 2021 when Twitter was in a fight with the Indian government. Like many other Indian sites that did well after TikTok was banned, Koo became popular right away. The microblogging site had a lot in common with Twitter. For example, it had a yellow bird as its logo and a yellow checkmark next to the names of confirmed and famous people.
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