Dailyhunt in talks to acquire Bengaluru-based social media platform Koo

Dailyhunt to acquire Koo: Online news aggregator platform Dailyhunt is currently in advanced discussions to acquire the Bengaluru-based social network, Koo, according to media reports. The potential deal being discussed involves a share-swap agreement and could be finalised within weeks, the sources stated, requesting anonymity due to the confidential nature of the negotiations.

Koo, which has positioned itself as a competitor to Twitter, has been actively seeking new capital throughout the past year. The social network, available in India and Brazil, focuses on supporting multiple local languages, aiming to cater for a wider audience.

In September, Koo co-founder Mayank Bidawatka expressed the startup's intention to find a strategic partner with strong distribution capabilities for its next phase of growth. Despite raising over $60 million from investors including Tiger Global, Accel, 3One4 Capital, Mirae Asset, and Blume, Koo has been seeking a partner to bolster its expansion efforts.

VerSe Innovation, the parent company of Dailyhunt, boasts a large user base in India through its news aggregator platform and short video app Josh. With a valuation of $5 billion, Dailyhunt raised $805 million in funding in April 2022 from investors such as Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Sofina Group, and Baillie Gifford.

In response to reports of the ongoing discussions, Koo's Bidawatka acknowledged that the company has been in talks with multiple potential partners. However, he emphasised the need to refrain from sharing premature details until concrete information is available. Bidawatka underlined Koo's commitment to its stakeholders and expressed optimism about the partnership aiding the company's organic growth and enabling it to compete with global rivals effectively.