Koo, an Indian social media app once considered a rival to X (formerly Twitter) and backed by American investment firm Tiger Global, is set to shut down. Founder Aprameya Radhakrishna made the announcement in a LinkedIn post on Wednesday, July 3.
Reasons for Shutdown
The decision to shut down Koo followed unsuccessful negotiations for a potential sale or merger with several companies, including DailyHunt. In a statement, Radhakrishna mentioned that the partnership talks fell through, leading to the discontinuation of the service to the public. The company explored partnerships with multiple larger internet companies, conglomerates, and media houses, but these discussions did not yield the desired outcome. Many potential partners were reportedly hesitant to deal with user-generated content and the unpredictable nature of a social media company. Additionally, the cost of technology services required to maintain a social media app was a significant factor in the decision to cease operations.
Koo’s Mission and Achievements
Koo was created with the goal of addressing the language gap in social media platforms, particularly in India, where English dominates most social products. The founders aimed to democratize expression and facilitate connections in local languages, recognizing the need for inclusivity in a world where the majority of the population speaks languages other than English. Despite facing challenges, Koo achieved significant milestones, boasting a globally scalable product with superior systems, algorithms, and a stakeholder-first philosophy.
Impact and Gratitude
At its peak, Koo boasted approximately 2.1 million daily active users and around 10 million monthly active users, along with a substantial number of VIPs, including eminent personalities from various fields. The company expressed gratitude towards its team, investors, creators, users, and journalist friends for their support throughout the journey.
Future Prospects
Although Koo is ceasing operations, the company expressed openness to sharing its assets with individuals or entities with a vision for India’s social media landscape. Additionally, they are considering transforming their assets into a digital public good to facilitate social conversations in native languages globally.
Long-Term View
The company emphasized the importance of patient, long-term capital in building ambitious, world-beating products from India, highlighting the need for strategic planning to safeguard and nurture such ventures for long-term success.
Conclusion
Despite the shutdown, the team at Koo expressed their entrepreneurial spirit and hinted at potential future endeavors. They conveyed gratitude for the support and expressed a desire to see a long-term view for large bets from India.
