Media startup Dailyhunt is in superior levels of talks to accumulate the Bengaluru-headquartered social community Koo, two sources aware of the matter advised me.
The potential deal underneath dialogue entails a share-swap settlement and might be finalized inside weeks, the sources added, requesting anonymity because the matter is personal.
The deliberation follows Koo, which has sought to turn into a Twitter rival, aggressively attempting to find new capital all through final 12 months. The social community, out there in India and Brazil, is betting on the concept its strategy of supporting a number of native languages will assist the eponymous app resonate broadly with the bigger lots.
Koo co-founder Mayank Bidawatka stated in September that the startup — which has raised over $60 million from traders together with Tiger International, Accel, 3One4 Capital, Mirae Asset and Blume — was trying to discover a strategic companion with a “distribution energy” for its “subsequent section” of journey.
“From rising quickly to reducing down on progress and proving unit economics, inside 6 months of income experimentation, we took a 180 diploma flip and proved that this can be a actual enterprise,” he wrote.
Dailyhunt, which was final valued at $5 billion, and Koo declined to remark.
VerSe Innovation, the mum or dad agency of Dailyhunt, reaches greater than 300 million customers in India via its information aggregator platform and short-video app Josh. It raised a funding spherical of $805 million in April 2022 from traders together with Canada Pension Plan Funding Board, Ontario Academics’ Pension Plan Board, Sofina Group and Baillie Gifford.
