Homegrown, vernacular microblogging app Koo, which has created quite a flutter after several influencers announced they were joining the platform, has a Chinese investor on board that is on its way out. (Also Read: Koo Highlights Indian Investment In Made In India Social Media Network, As Chinese Investors Exit).
In an interview to CNBC-TV18 on Wednesday, co-founder and CEO of Koo Aprameya Radhakrishna said Shunwei Capital, which had invested in the earlier brand Vokal, is moving out. “Shunwei had invested in the earlier brand Vokal. We have pivoted our business and focused on Koo, they are on their way out. They are being bought out by other people. We are a truly Atmanirbhar Bharat app,” the Koo co-founder told the channel.
On Wednesday, Radhakrishna tweeted that the microblogging platform is an India-registered company with Indian founders. “Raised earlier capital 2.5 years ago. Latest funds for Bombinate Technologies is led by a truly Indian investor 3one4 capital. Shunwei (single digit shareholder) which had invested in our Vokal journey will be exiting fully,” he tweeted.
Koo is an India registered company with Indian founders. Raised earlier capital 2.5 years ago. Latest funds for Bombinate Technologies is led by a truly Indian investor 3one4 capital. Shunwei (single digit shareholder) which had invested in our Vokal journey will be exiting fully— Aprameya R (@aprameya) February 10, 2021
The 3one4 Capital venture capital firm based in Bengaluru is backed by Infosys veteran T.V. Mohandas Pai. Koo, which has so far raised nearly $4.1 million, also has Kalaari Capital and Blume Ventures as its investors.
Koo, founded in March last year by Radhakrishna and Mayank Bidawatka, has an operating interface similar to Twitter. From union ministers like Piyush Goyal and Ravi Shankar Prasad to author Amish Tripathi and cricketers Javagal Srinath and Anil Kumble, various personalities from different walks of life have joined Koo.
In an interview to News18, Koo co-founder Bidawatka had said that the homegrown app has registered more than 3 million downloads, growing by four times in the last six months. The app rose to prominence after securing the second spot in the Aatmanirbhar App Challenge hosted by MyGov and NITI Aayog in August last year.