Media conglomerate Dailyhunt is reportedly in the final stages of negotiations to acquire the Indian microblogging platform Koo, according to a TechCrunch report. The deal, anticipated to be completed "within weeks," is set to involve a share-swap arrangement.
Established in 2020, Koo is the brainchild of Aprameya Radhakrishna and Mayank Bidawatka, based in Bengaluru under the umbrella of Bombinate Technologies. Often likened to Elon Musk's X, Koo has gained traction as India's own microblogging platform.
While Dailyhunt refrained from immediate comments on the matter, Bidawatka had previously expressed Koo's aspirations to join forces with a partner possessing robust distribution capabilities to propel its user base significantly.
In a LinkedIn update, Bidawatka outlined Koo's roadmap, emphasizing the importance of scaling up either through funding or strategic alliances, given the sluggish investor climate. Notably, Koo had downsized its workforce by 30 percent amidst the global economic downturn, adopting prudent strategies to navigate the challenging period.
As discussions unfold, both Dailyhunt and Koo are poised for potential synergies that could reshape the landscape of India's digital media ecosystem.
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