Koo Bids Farewell: India's Social Media Equivalent To X Venture Shuts Down
Koo, the Indian social media platform designed to compete with X (formerly Twitter), has shut shop on July 3. Founders Aprameya Radhakrishna and Mayank Bidawatka cited failed partnership discussions and high technology costs as reasons for the shutdown. The company began significant layoffs in April 2023.
At its peak, Koo boasted around 2.1 million daily active users and 10 million monthly users, including over 9,000 VIPs. Despite this success, financial difficulties and a prolonged funding winter forced them to scale back operations. The founders pointed to the unpredictable capital market and high technology expenses as major challenges.
The founders also mentioned plans to sell some of the company's assets. "We will be happy to share some of these assets with someone with a great vision for India's foray into social media," they stated in their note.
The platform gained traction after Elon Musk took over Twitter, drawing direct comparisons from its launch. "We built a globally scalable product in a fraction of the time that X/Twitter did, with superior systems, algorithms and strong stakeholder-first philosophies," the note said.
In their farewell message, they expressed gratitude to supporters, team members, investors, creators, and users. They remain hopeful about future ventures despite the shutdown. The founders hope for an inclusive platform in the future. "Our team stuck around with us through thick and thin all along the way. We are very fortunate to have worked with such a passionate bunch of folks who believed in the purpose of our company," they noted.
The founders hinted at their return as entrepreneurs. "As for us, we are entrepreneurs at heart and you will see us back in the arena one way or another. Till then, thank you for your time, attention, good wishes and love. The little yellow bird says its final goodbye."
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