 "Koo's Swansong: India’s homegrown social media platform shuts down after failing to raise funds")
Koo, the Indian social media platform that sought to compete with Elon Musk’s X, is shutting down its operations after discussions of a potential acquisition with Dailyhunt failed.
Despite receiving over $60 million in funding from notable investors such as Tiger Global and Accel, Koo encountered significant challenges in growing its user base and generating revenue over the past two years.
A failed attempt to raise funds
In February, TechCrunch reported that Koo was in talks with Dailyhunt, an internet media startup valued at $5 billion, for a potential sale. However, these discussions did not result in an agreement, as confirmed by Koo’s founders on Wednesday.
Koo aimed to attract users in India by providing a platform similar to X, where they could express themselves in multiple local languages. The platform gained initial traction during a period of tension between Twitter and the Indian government.
Koo’s meteoric rise
The conflict arose when Twitter resisted the government’s opaque requests for content removal, leading to allegations by Twitter co-founder Jack Dorsey that the Indian government had threatened to shut down the social network and raid the homes of its employees.
The Indian government denied these allegations, with a top minister at the time accusing Dorsey of trying to downplay a controversial period in Twitter’s history.
Taking advantage of the situation, Koo presented itself as a compliant alternative, promising to follow local regulations. This strategy attracted many high-profile Indian politicians to the platform, although almost none from the opposition party. Koo also expanded its app to Brazil in an attempt to grow its user base internationally.
Impact Shorts
More ShortsWhy is Koo shutting down?
Founders Aprameya Radhakrishna and Mayank Bidawatka revealed in a LinkedIn post that they had explored partnerships with various larger internet companies, conglomerates, and media houses, but none led to the desired outcome. Many potential partners were reluctant to deal with user-generated content and the unpredictable nature of a social media platform.
However, the extended funding drought, which has pressured startups globally to focus on revenue growth and financial stability, proved too challenging for Koo. The founders admitted that the tough economic climate had overwhelmed them.
Indian entrepreneurs and investors have long sought to develop local alternatives to popular platforms like Facebook, Instagram, WhatsApp, Twitter, and YouTube. However, the struggles faced by Koo underscore the difficulty of competing with established American companies that have proven more adept at serving even the most diverse segments of the Indian market.
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