Koo, an alternative microblogging platform to X (formerly Twitter), is reportedly winding up its business, according to an unnamed source. The Indian microblogging site, which began operations four years ago, struggled to maintain a strong market presence. The decision to wind up the business was triggered after failed acquisition talks with the online media firm Dailyhunt.
Koo was launched as a homegrown alternative to X and received extensive promotion from celebrities and government ministers. The platform attracted investor attention and expanded its reach to Nigeria and Brazil. Founded in 2020 by entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka, Koo was the first Indian microblogging site available in over 10 languages. The app, recognizable by its yellow bird logo, garnered nearly 60 million downloads since its launch.
In February 2021, the company raised $4.1 million in its Series A round, followed by an additional $31 million three months later, led by American investment firm Tiger Global. By June 2022, Koo had raised over $57 million, reaching a peak valuation of $285.5 million. By July 2022, the app boasted over 9 million monthly active users.
However, the company has faced significant challenges, including an inability to raise additional funds and a reduction in its workforce to one-fifth of its original size over the past four years. According to reports, Koo's founders have been paying salaries out of their own pockets.