Koo, an Indian micro-blogging platform positioned as a competitor to X (formerly Twitter), has announced the discontinuation of its services to the public after partnership discussions for fund-raising failed to materialize.
“We explored partnerships with multiple larger internet companies, conglomerates, and media houses, but these talks didn’t yield the outcome we wanted,” Koo founders Aprameya Radhakrishna and Mayank Bidawatka stated in a LinkedIn post.
The founders elaborated that most potential partners were reluctant to engage with user-generated content and the unpredictable nature of a social media company. Additionally, a few prospects altered their priorities just before finalizing agreements, IANS reports.
Despite securing over $60 million in funding from prominent investors such as Tiger Global and Accel, Koo struggled to expand its user base and generate substantial revenue over the past year. In February, media firm Dailyhunt was reportedly in advanced stages of discussions to acquire Koo, according to TechCrunch.
The founders highlighted that at its peak, Koo boasted about 2.1 million daily active users and approximately 10 million monthly active users, including over 9000 VIPs, some of whom were among the most eminent personalities in various fields.
“We were just months away from surpassing Twitter (now X) in India in 2022 and could have doubled down on that short-term goal with sufficient capital,” they added.
