Chinese investor Shunwei Capital exits from Koo's parent company Bombinate Technologies
Shunwei Capital exits from Koo's parent company
A few prominent Indians and existing investors have bought out Chinese venture capital firm Shunwei Capital's minority stake in Bombinate Technologies, the parent company of Koo -- Twitter's homegrown rival.
Javagal Srinath, the former Indian cricketer, Ashish Hemrajani, the founder of BookMyShow, Sujeet Kumar, the Udaan co-founder, Kalyan Krishnamurthy, the Flipkart CEO, and Nikhil Kamat, the Zerodha founder participated in the round to buy out shares of Shunwei Capital, Koo reported.
Shunwei Capital holds a bit more than nine percent in Bombinate Technologies.
Aprameya Radhakrishna, CEO, and co-founder, Koo, said in a statement, "As stated previously, we had been in discussion with Shunwei Capital to enable a smooth exit after it invested in our company two and half years ago. Meanwhile, we were raising funds for Vokal and now fully exited the parent company Bombinate Technologies,"
Koo positions itself as an "Aatmanirbhar" app for India and the world. It earlier faced criticism for having links and being funded by the Chinese.
The microblogging platform, however, said that it is one of the first companies in India to be proactive in its actions. It claims to clean up its cap table and also has doubled down on its commitment to build an Aatmanirbhar app. It has over 40 lakh users and is a platform for thoughts and opinions voiced primarily in Indian languages. The Koo users can easily create their thoughts using text, audio, or video in multiple Indian languages and share them with the community at large.
It also provides a space for Indians to connect, comment, and engage with each other. The platform facilitates active conversations. The creators can express themselves and users can follow creators of their choice to create a customised feed.
Koo Co-founder Mayank Bidawataka had earlier said that the company aims to garner 10 crore users by the end of this year. "I am very happy to be backing Koo -- one of India's most talked-about social media platforms. The fact that they are building a platform to bring the voices of Indian citizens in Indian languages onto the internet is praise-worthy. As an Indian I extend my support to them wholeheartedly,” said Srinath.
*Edited from an IANS copy.