Domestic microblogging platform Koo declared its decision to shut down for the public due to failed negotiations—reportedly with larger internet companies, conglomerates, and media houses—over partnership. Co-founders Aprameya Radhakrishna and Mayank Bidawatka have said in a LinkedIn post, "The talks have fallen through", their reasons being two major 'hesitations': treatment of User-Generated Content and the volatility of social media.
It has been a pretty rough last year for Koo regarding user acquisition and revenue generation after the company raised more than $60 million in funding from investors such as Tiger Global and Accel. The company was in advanced talks to be acquired by Dailyhunt back in February, according to a report by TechCrunch.
The founders remembered how, in its hay days, it had 2.1 million daily active users and 10 million monthly active users with more than 9000 VIPs across industries. It did not miss the opportunity to become the number one microblogging site in India in the year 2022 since they were so close. Further depressed sentiment in the market and a tough time in the funding scene met this move.
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