New Delhi: Koo, the Indian social media platform once heralded as a potential rival to X (formerly Twitter), has announced its shutdown. This decision follows failed merger and sale negotiations, despite backing from prominent investment firm Tiger Global.
Failed Merger Talks and Funding Woes
In a LinkedIn post on July 3, Koo co-founder Aprameya Radhakrishna shared the company’s final update. He detailed the challenges faced in securing a successful merger or sale, stating, “Our partnership talks fell through, and we will be discontinuing our service to the public. We explored partnerships with multiple larger internet companies, conglomerates, and media houses, but these talks didn’t yield the outcome we wanted.”
Despite significant efforts, potential partners were reluctant to manage user-generated content or shifted their priorities near the final stages of negotiations. This left Koo with no viable path forward.
A Vision Built on Local Languages
Koo was created to address the linguistic gap in social media, aiming to provide a platform for non-English speakers. “We saw a big gap between the languages the world speaks and the fact that most social products, especially X/Twitter in India, are English-dominant,” Radhakrishna noted. “We wanted to democratize expression and enable a better way to connect people in their local languages.”
At its peak, Koo boasted about 2.1 million daily active users and 10 million monthly active users, including over 9,000 VIPs. The platform was on the verge of surpassing Twitter in India in 2022 but struggled due to a “prolonged funding winter.”
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The High Cost of Social Media
The financial demands of maintaining and growing a social media platform were significant. “The cost of technology services to keep a social media app running is high, and we’ve had to take this tough decision,” Radhakrishna explained. He emphasized the need for “aggressive, long-term, and patient capital” to sustain such ventures.
A Grateful Farewell
In their final message, Radhakrishna and co-founder Mayank Bidawatka expressed gratitude to everyone who supported Koo. “Our team worked thousands of man-hours to bring this beautiful product and company to life. Our investors backed us, and millions of creators and users poured their hearts out on the platform.”
The founders highlighted the dedication of their team, who remained committed despite the company’s ups and downs. “We are very fortunate to have worked with such a passionate bunch of folks who believed in the purpose of our company,” they wrote.
Looking to the Future
Despite the shutdown, Radhakrishna hinted at future possibilities. “We will be happy to share some of these assets with someone with a great vision for India’s foray into social media. We will also evaluate making this into a digital public good to enable social conversations in native languages, around the world.”
The founders underscored the importance of patient capital for ambitious projects in India, particularly in sectors like social media, AI, and space. They expressed hope for a strategic, long-term approach to nurturing these ventures.
A Final Goodbye
As Koo bids farewell, Radhakrishna and Bidawatka affirmed their entrepreneurial spirit. “As for us, we are entrepreneurs at heart, and you will see us back in the arena one way or another. Till then, thank you for your time, attention, good wishes, and love.”
Koo’s journey ends with a poignant sign-off: “The little yellow bird says its final goodbye.”
