Mayank Bidawatka, co-founder of Koo app, shared a post on social media saying that Koo needs new funds or it should be acquired by another company that has the ability to take it forward. He said that Koo needs scale in the next phase.
He said that this platform is now ready for growth. By striving for growth, Koo can get ahead of its rival companies. In the current market situation, the option of partnering with someone else would be good.
There could be many reasons behind this decision of Koo’s co-founder. The number of active users of this app has been continuously decreasing for the last several months. Koo had 41 lakh monthly active users in January 2023. In February it came down to 35 lakhs. In April 2023, its number of monthly active users dropped to only 31 lakh.
According to some reports, Koo is facing pressure from its investors. Whatever the reason, this app is losing its popularity day by day. The company has also failed to take advantage of the ongoing legal tug of war between X and the government.
What is KOO App?
|Category||Microblogging and Social networking|
|App Logo||Yellow bird|
|Founder||Aprameya Radhakrishna and Mayank Bidawatka|
|Active users||3.2 million in April 2023|
|Investors||Kalaari Capital, Tiger Global, Blume Venturesand Accel Partners|
Koo is a microblogging and social networking service app developed by Bombinate Technologies. It was launched in 2020 and soon became popular as X (Twitter) competitor in India. Investors such as Tiger Global, Blume Ventures, Kalaari Capital and Accel Partners India invested in Koo.
How to join Koo app
The Koo app is available on Google and Apple play store. Follow the process to join on Koo:
- Install Koo app from playstore on your smartphone.
- Open the app and select your preferred language
- Enter your mobile number (Koo will send a verification code to verify your number).
- Verify your number.
- Now, on the top left corner click on profile section.
- Here you can edit your name, profile and bio.
- Now you can start posting and building followers.
Koo profit and loss
Koo app revenue was Rs 8 lakh in FY21 and Rs 14 lakh in FY22. Talking about the loss, in FY21 it was a loss of Rs 35 crore and in FY22 the loss increased to Rs 197 crore. Koo had raised $65 million from several big investors including Tiger Global.
Koo app was founded by Aprameya Radhakrishna and Mayank Bidawatka in 2020.
No, Koo app is not profitable yet. The app spent Rs 202 crore and earn Rs 14 lakh in FY22.