New Delhi, Feb 28 (IANS) Media firm Dailyhunt is reportedly in advanced talks to acquire Indian microblogging platform Koo. The deal, expected to be finalized “within weeks,” involves a share-swap agreement, as reported by TechCrunch. Founded in 2020, Koo is owned by Bengaluru-based Bombinate Technologies.
Koo, often referred to as India’s version of Elon Musk’s X, was founded by Aprameya Radhakrishna and Mayank Bidawatka. Dailyhunt’s parent VerSe Innovation’s spokesperson declined to comment on the speculations, emphasizing on their core objectives. Bidawatka had previously expressed the company’s interest in partnering with a distributor to boost Koo’s user base.
Last year, Koo had to make tough decisions due to the economic downturn, letting go of 30% of its workforce. The company emphasized the need for businesses to be efficient during trying times. With the current slow investor market, Koo is looking to either secure funding or form a strategic partnership to achieve scale, as stated in a LinkedIn post by Bidawatka.
It seems that Koo and Dailyhunt are in talks to form a strategic partnership that could potentially benefit both entities. The acquisition could be a game-changer for Koo, giving it the necessary push to reach a wider audience and grow. Stay tuned for further developments on this evolving story.
