The choice comes after a number of talks for a possible sale or merger with a number of firms, together with Dailyhunt, failed. Koo has raised over $50 million from buyers like Tiger International, Accel, 3one4 Capital, Kalaari Capital, Blume Ventures, and others.
“Affected person, long-term capital is crucial to construct formidable, world-beating merchandise from India, be it in social media, Al (synthetic intelligence), area, EV (electrical car) or different futuristic classes,” Radhakrishna mentioned in a joint put up together with cofounder Mayank Bidawatka. “It should want much more capital when the area has a worldwide big already.”
“And when one among these firms takes off, it will probably’t be left to the whims of the capital market, which fits up and down. It wants a strategic outlook to safeguard it and make it thrive,” he famous.
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“These aren’t to be checked out as revenue churning machines in two years from launch. They should be nurtured for a bigger long-term play. We might like to see that long-term view for big bets from India,” Radhakrishna added.
Koo had been struggling to boost new capital since final 12 months, after which it explored mergers with many platforms, however not one of the talks fructified.
The wrestle highlights native social media platforms’ challenges when attempting to problem international rivals. ShareChat, one other native social media app, has seen vital operations reductions and has undertaken extreme restructuring, together with large-scale layoffs.
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