Farewell to Koo: social network shuts down after failed merger attempts

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

As the executives explained in the joint statement, the company came up with an ambitious plan to gain a prominent place in the competitive global social media market. However, the high costs required to continue the project started in 2020 made it difficult to maintain.

The little yellow bird was the symbol of Koo. (Image: Wikimedia Commons)Source: Wikimedia Commons

In an attempt to ensure continuity, the Indian social network laid off part of its staff in 2023 and opened negotiations for the sale of the business or merger with other brands. The content aggregator Dailyhunt was one of the companies with which the yellow bird platform negotiated, but the agreement ended up not being concluded.

Valued at US$275 million, Koo has raised around US$66 million in investments. However, the initial investment was not enough to finance the maintenance of the business and sustain its operations — the co-founders said that an aggressive and long-term investment was necessary for the company to become profitable.

Rivaling X/Twitter and success in Brazil

Launched globally in 2022, the Indian social network worked in a similar way to the old Twitter, allowing the publication of text messages, sharing of photos and videos, likes and other features. With the sale of the microblog to Elon Musk, it was pointed out as an alternative for dissatisfied users.

At its peak, Koo has recorded 2.1 million monthly active users and 10 million monthly active usersincluding Indian authorities, politicians and celebrities from other countries. The platform was also popular among Brazilians, being highly sought after at times when Twitter was down.

Koo announces its closure today due to a poor funding environment. Thank you for everything Brazil. We love you. The little yellow bird says one last 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 that intend to return soon.

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