Dailyhunt in talks to acquire social media platform Koo
As per media reports, a deal between Dailyhunt and homegrown social media platform Koo is expected to materialise within the next few weeks.
Bengaluru-based news aggregator platform is in talks to acquire homegrown social media platform Koo.
"Over the past few months, we have been talking to multiple partners who could help us achieve this," Mayank Bidawatka, Co-founder of , said in a LinkedIn post.
"Requesting your patience till we can share more concrete details of this partnership that will help Koo organically take wings and help challenge global competitors in a meaningful way," he added.
The deal with Dailyhunt is expected to materialise within the next few weeks, as per a report by TechCrunch.
Responses sent to Koo remained unanswered at the time of writing this article. It will updated soon to reflect the company's response.
Five months ago, Bidawatka alluded in a post that Koo was considering a strategic partnership among other routes. "With the current reality of a slow investor market, the best way forward is to partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow," he said in the post.
Founded in 2020 by Bidawatka and Aprameya Radhakrishna, Koo is a homegrown microblogging platform that allows users to share their opinions in a wide range of languages. It has raised about $34 million to date from investors including Kalaari Capital and 3one4 Capital.
Last year, the social media platform let go of about 30% of its workforce and booked Rs 197.15 crore in losses in FY22.
Edited by Kanishk Singh