Koo, often touted as India's alternative to Twitter, is on the hunt for a strategic partner with strong distribution capabilities to navigate its next phase. The social media platform, backed by investors like Accel and Tiger Global, has encountered challenges in the funding landscape and is now exploring options to ensure its continued growth.
In a LinkedIn post, Koo's co-founder Mayank Bidawatka revealed that while the original plan was to focus on scaling the platform, changing market conditions prompted a shift toward revenue generation. Bidawatka highlighted the rapid evolution of the business model, emphasizing the transition from growth-centric strategies to profitability within just six months of experimenting with revenue streams.
Koo's unique value proposition centers on supporting multiple local languages, which has garnered interest from Indian politicians and sports figures. However, the platform has struggled to secure funding in recent quarters, prompting a search for a strategic partner to bolster its growth prospects.
Bidawatka acknowledged the challenges in the current investor climate and stated that partnering with a company possessing strong distribution capabilities could provide Koo with a significant user boost and facilitate its expansion.
Reports in local media had previously suggested that Koo was facing financial difficulties and was exploring a potential strategic sale. The company reportedly approached several players, including tech giant Microsoft.
Bidawatka also expressed confidence in Koo's potential, asserting that with a little more time, it could have surpassed Twitter's reach in India. He even pointed out that Meta, the parent company of Facebook, Instagram, and WhatsApp, was taking time to develop basic features in its Threads app.
Despite its aspirations, Koo currently boasts fewer than 1 million monthly active users on its platform, according to data from mobile intelligence firm Sensor Tower.
Koo App is actively seeking a strategic partner to support its growth ambitions as it faces funding challenges in a competitive market. The platform's focus on local languages and its potential to capture the Indian market make it an intriguing player in the social media landscape. SOURCE : TECHCRUNCH
