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Koo, India\u2019s alternative to Twitter, is looking to find a partner with a \u201cdistribution strength\u201d as it enters its \u201cnext phase,\u201d its co-founder said, amid a funding crunch at the startup, which is backed by Accel and Tiger Global.<\/p>\n
Koo co-founder Mayank Bidawatka wrote in a LinkedIn post that the startup \u2014 which has raised over $50 million to date<\/a>, according to venture insight platform The Kredible \u2014 had planned to continue focusing on its scale, but the dwindling market conditions forced it to \u201cswitch gears from a growth trajectory to a revenue generating engine.\u201d<\/p>\n \u201cFrom growing rapidly to cutting down on growth and proving unit economics, within 6 months of revenue experimentation, we took a 180 degree turn and proved that this is a real business,\u201d he wrote.<\/p>\n The social network is betting on the idea that its approach of supporting multiple local languages will help the eponymous app resonate broadly with the larger masses. The platform has attracted many Indian politicians and sports personalities in the past two years.<\/p>\n Koo \u2014 which has been attempting to put together a new funding round for at least three quarters, according to two people familiar with the matter \u2014 needs either funding or a strategic partnership for its \u201cnext phase,\u201d he wrote. \u201cWith the current reality of a slow investor market, the best way forward is to partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow.\u201d<\/p>\n Bidawatka\u2019s post is a response to local media reports from earlier this month that said the startup was struggling with cash<\/a> and was seeking merger and acquisition opportunities. The firm has approached several players including Microsoft, The Arc reported.<\/p>\n \u201cWith just 6 months more on our trajectory, we would have beaten Twitter in India,\u201d he wrote, asserting that even Meta, the \u201cGodfather of social platforms,\u201d is taking time to build basic features in the Threads app.<\/p>\n Koo, which operates in markets including India and Brazil, had fewer than 1 million monthly active users on its app, according to mobile intelligence firm Sensor Tower, whose data an industry executive shared with TechCrunch.<\/p>\n<\/p><\/div>\n