Koo In Advance Acquisition Talks With Dailyhunt: Report
Homegrown microblogging platform Koo's Co-founder, Mayank Bidawatka, said in a LinkedIn post that the company is in discussions with multiple partners for a strategic partnership.
Before sharing this information, several media outlets reported that the platform is in talks with Dailyhunt's parent company, VerSe Innovation, for acquisition. The deal could reportedly involve a share-swap agreement and is expected to be finalised within weeks.
Bidawatka stated in the post, "Our responsibility towards a wider community of stakeholders (users, creators, VIPs, investors, policymakers, media) compels us to not share anything prematurely, although we would like to provide more information."
He added, "We request your patience until we can share more concrete details of this partnership, which will enable Koo to grow organically and effectively challenge global competitors."
The Co-founder emphasised that the ongoing funding winter and disruption have made it crucial for the platform to seek a strategic partnership. "The next phase for Koo is to scale up, and this will happen either through funding or through a strategic partnership with an entity that already has scale," he said.
VC giants such as Tiger Global, Accel and 3One4 Capital have backed the startup. On the other hand, VerSe Innovation has secured funds from Canada Pension Plan Investment Board and Sofina Group, with its last valuation at USD 5 billion.
