In a surprising turn of events, Koo App , the homegrown social media platform often touted as a viable alternative to Twitter (now X), has announced its decision to shut down.
The platform, which once boasted 2.1 million daily active users at its peak, along with 10 million monthly active users and a significant roster of over 9,000 VIPs, including prominent personalities across various fields, faced a setback amidst its ambitious growth plans.
Why is Koo App Shutting Down?
Koo was launched as a homegrown alternative to X and was promoted extensively by celebrities and ministers. The company even managed to garner investor attention and expand to Nigeria and Brazil.
Founded in 2020 by entrepreneurs Aprameya Radhakrishna and Mayank Bidawatka, it was the first Indian microblogging site available in over 10 languages. The app had a yellow bird as its logo and nearly 60 million downloads since its launch.
Despite their preference to keep the app operational, the founders highlighted the substantial costs associated with maintaining social media services as a decisive factor behind their tough decision. “We were just months away from beating Twitter in India in 2022 and could have doubled down on that short term goal with capital behind us,” the co-founders lamented.
Koo App gained substantial popularity in 2021 amid governmental disputes with Twitter (now X) and a growing push for expanding India’s indigenous digital platforms.
Koo was last valued at $274 million after securing over $66 million from investors, including 3one4 Capital. Prior to launching Koo, Radhakrishna founded the ride-hailing company TaxiForSure, which Ola acquired in 2015.
The platform’s demise was triggered by the failure of acquisition talks with online media firm Dailyhunt, according to The Morning Context. Koo had been in talks with several larger internet companies, conglomerates, and media houses, but these negotiations did not produce the desired outcome.
Koo’s shutdown marks the end of an ambitious venture that aimed to carve out a space in the global social media landscape. The platform’s inability to secure necessary funding to sustain its operations and compete with established global players like X ultimately led to its demise. In their final message,
Koo’s founders expressed gratitude to their team, investors, creators, users, and journalist friends, while highlighting their vision and future aspirations. They acknowledged the challenges of building a social media company, especially in the face of a prolonged funding winter that hit them at their peak.
The demise of Koo serves as a cautionary tale about the challenges of building and sustaining a social media platform in today’s competitive landscape.
Despite the platform’s ambitious plans and early success, it ultimately succumbed to the harsh realities of the market. As the social media landscape continues to evolve, the story of Koo serves as a reminder of the importance of adaptability and resilience in the face of changing market conditions.
