Media platform Dailyhunt is reportedly in advanced discussions to acquire homegrown social media platform Koo in a deal that includes a share-swap agreement. The deal, which may be finalized within weeks, aims to facilitate organic growth for both platforms.
Strategic Partnership for Organic Growth
Mayank Bidawatka, cofounder of Koo, hinted at a strategic partnership in a LinkedIn post, emphasizing the importance of Indian digital products adhering to international standards. He also highlighted the global funding challenges faced by startups, noting that such funding was crucial for Koo's rapid international expansion plans.
Koo's Unique Positioning
Koo, founded in March 2020 by Radhakrishna and Mayank Bidwatka, gained prominence during the government's standoff with Twitter over social media intermediary guidelines. Positioned as India's alternative to Twitter, Koo has garnered significant attention, especially for its focus on supporting multiple local languages to connect with a wider audience.
Dailyhunt's Focus and Recent Developments
VerSe Innovation, the parent company of Dailyhunt and Josh, remains focused on its core objectives amidst the speculations about the acquisition. VerSe recently secured debt capital of INR 50 Cr ($6.25 Mn) from Alteria Capital. Despite reporting substantial losses in FY23, VerSe saw a 51% increase in operating revenues, reaching INR 1,456.5 Cr.
The Future of Dailyhunt and Koo
The acquisition of Koo by Dailyhunt could mark a significant development in the Indian digital media landscape. Koo's integration with Dailyhunt's existing platforms could lead to a more comprehensive digital ecosystem catering to a diverse range of users across India and beyond.
