NEW DELHI: Homegrown micro-blogging platform Koo, once touted as the Twitter rival but later saw its growth dwindling amid economic slowdown, is now looking to “partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow”, its Co-founder Mayank Bidawatka said on Friday.
In a LinkedIn post, Bidawatka said that the next phase for Koo is to “build scale and that will happen with ei-ther funding or through a strategic partnership with someone who already has scale” in the “current reality of a slow investor market”. According to reports, Koo has raised over $50 million to date.
Bidawatka said that 2023 has been one of the toughest years for the startup ecosystem around the world. “Funding has come to a standstill and only near breakeven or early stage startups are lucky to raise funds, that too at low valuations/heavy markdowns. While our stable state plan was to scale more before generating revenue, Koo too was caught in this unfortunately sour market timing and had to switch gears from a growth trajectory to a reve-nue generating engine,” he elaborated. (IANS)
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