Farewell to Koo: Social network shut down after failed merger attempts

Koo social network is ending Co-founders Aprameya Radhakrishna and Mayank Bidawatka announced on LinkedIn after unsuccessful attempts to secure investments that could guarantee the continuity of the platform. The farewell statement was published this Wednesday (03).

The company has laid out an ambitious plan to gain a significant foothold in the competitive global social media market, executives explained in a joint note. The high costs required to continue the project, which started in 2020, made its maintenance difficult..

In order to ensure continuity, the Indian social network laid off some of its staff in 2023 and Negotiations have begun for the sale of the business or its merger with other brands.Content aggregator Dailyhunt was one of the companies that the Yellow Bird platform negotiated with, but a deal fell through.

Valued at $275 million Koo raises approximately $66 million in fundingBut the initial investment was not enough to maintain and operate the business; the co-founders said aggressive, long-term investment was needed for the company to become profitable.

Rivaling X/Twitter and success in Brazil

The Indian social network, which launched globally in 2022, operated similarly to the old Twitter, allowing for the broadcasting of short messages, photo and video sharing, likes and other features. With the sale of the microblog to Elon Musk It was determined as an alternative for dissatisfied users..

At its peak, Koo recorded 2.1 million monthly active users and 10 million monthly usersIncluding Indian officials, politicians and celebrities from other countries. The platform also became popular among Brazilians and was popular during Twitter’s downtime.

Koo announced today that it will be closing due to poor financing. Thanks for everything Brazil. We love you. The little yellow bird says its final goodbye… ???? pic.twitter.com/zCcYeMqvLN

— ?? Koo Brazil (@KooForBrasil) July 3, 2024

In their farewell message, Radhakrishna and Bidawatka thanked users, contributors, investors and supporters and said: I plan to return soon..

“As for us, we are entrepreneurs at heart and you will see us in the arena in one way or another. Until then, thank you for your time, attention, good wishes and love. The little yellow bird says its last goodbye,” they concluded.