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Indian Social Media Platform Koo Shuts Down After $70 Million, Dailyhunt Acquisition Talks Fail

Jul 3, 2024, 07:10 AM

Indian social media platform Koo, initially projected as an alternative to Twitter (now X), is shutting down after failing to secure new funding and find a buyer. The company had been in acquisition talks with Dailyhunt, but these discussions have fallen through. Koo, which had raised around $70 million from investors including Tiger Global, was valued at $270 million. Co-founders Mayank Bidawatka and Aprameya Radhakrishna confirmed the shutdown in LinkedIn posts, citing the need for long-term, patient capital. Koo, which claimed to have 50 million users in 100 countries and had a 4.3/5 rating, faced difficulties in attracting sufficient investor interest and the changing priorities of potential buyers contributed to its closure.