Koo to be acquired by Dailyhunt?

TechCrunch today reported that media startup Dailyhunt could be currently engaged in advanced discussions to acquire the Bengaluru-headquartered social network Koo. The potential acquisition, if finalized, could involve a share-swap agreement and may be concluded within the coming weeks, the TechCrunch report quoted sources as saying.

Koo’s Pursuit of Growth and Capital

Koo, often hailed as a potential competitor to Twitter, has been actively seeking new capital over the past year. With a presence in India and Brazil, the social network aims to differentiate itself by focusing on supporting multiple local languages, catering to a broader audience. Co-founder Mayank Bidawatka previously expressed the startup’s intention to find a strategic partner with robust distribution capabilities to propel its growth into the next phase.

Investing in Growth: Koo’s Evolution

Bidawatka highlighted the startup’s journey, from rapid expansion to a strategic focus on unit economics and revenue experimentation. Despite facing challenges, Koo underwent a transformative phase, pivoting towards sustainable growth and demonstrating the viability of its business model within a short span.

Silence from Dailyhunt and Koo

Both Dailyhunt and Koo have refrained from commenting on the ongoing acquisition talks, maintaining a discreet stance amidst the speculation surrounding the potential deal, says the report.

VerSe Innovation’s Dominance in the Indian Market

VerSe Innovation, the parent company of Dailyhunt, boasts a significant presence in India, serving over 300 million users through its news aggregator platform and short-video app Josh. The company secured a substantial funding round in April 2022, indicating investor confidence in its growth trajectory and market potential.

As discussions continue behind closed doors, the potential acquisition of Koo by Dailyhunt signifies a strategic move within the media landscape, reflecting the evolving dynamics of the digital ecosystem in India. Twitter, meanwhile morphed into X last year. Will an acquisition of Koo by Dailyhunt mean more choice for Indian users? Time should tell.

Source: This story was originally reported by TechCrunch.