Koo, which was seen as India’s local alternative to Twitter (now X), is shutting down. The news, initially reported on Wednesday, has been confirmed by the company’s co-founders via LinkedIn posts. Co-founder Mayank Bidawatka discussed the decision to wind down Koo after failed partnership negotiations.
Bidawatka mentioned that Koo had been in talks with various larger internet companies and media houses, but one crucial deal fell through due to changed priorities at the last minute. Earlier, co-founder Aprameya Radhakrishna had positioned Koo as a global player aiming to customize social media to fit each country’s norms.
The platform’s ambitious growth plans required substantial funding, but Bidawatka noted that the funding challenges hindered their expansion efforts. He emphasized the difficulty in establishing a social media platform, stressing the necessity for long-term and patient capital rather than early profit and revenue focus.
The co-founders highlighted Koo’s rapid scalability compared to its counterparts, asserting its potential appeal beyond India to other multilingual countries. However, recent months saw Koo facing financial strains, including salary cuts and outstanding payments, heavily contingent on successful partnership outcomes.
In conclusion, Bidawatka advocated for increased capital support for Indian tech ventures competing globally, underscoring the intensive financial requirements to sustain such businesses amidst fierce international competition.