Jobaaj Stories
Koo seeks funding, partner to scale: Co-founder
Koo, the Indian microblogging platform often dubbed as an alternative to a well-known competitor, is actively seeking new sources of funding or a strategic partnership as it faces challenges amidst a tight funding environment. In a recent LinkedIn post, Mayank Bidawatka, one of Koo's co-founders, expressed the company's need to scale up and explained that this expansion can be achieved through financial backing or by joining forces with a strategic partner possessing a strong distribution network to boost Koo's user base and facilitate growth.
Bidawatka mentioned ongoing discussions with potential partners and revealed that due to the current slowdown in investor interest, Koo had to adapt its strategy earlier this year. While their original plan was to prioritize growth before generating revenue, they had to pivot toward revenue generation due to market conditions. Reports suggest that Koo has experienced a decline in its user numbers.
Koo, once a promising startup, is facing considerable challenges, as highlighted by Bidawatka's remarks. Notably, Koo's monthly active user (MAU) count has been steadily decreasing. The startup, backed by Tiger Global, recorded a drop in MAUs to a mere 3.1 million in April 2023, marking the third consecutive month of decline this year. In comparison, Koo had approximately 4.1 million MAUs in January 2023, which declined to around 3.5 million in February and further dropped to about 3.2 million in March.
Also read, TIME Magazine Unveils Top Global Companies for 2023
