Former cricketer Javagal Srinath among others buy out Shunwei’s stake from Vokal and Koo
Aprameya Radhakrishna, Co-founder of Koo — the Indian microblogging platform, last month announced that its Chinese investor, Shunwei Capital, was exiting the company. It has now announced that existing and new investors have bought Shunwei Capital’s stake in Bombinate Technologies Pvt Ltd, the parent company of Vokal and Koo.
The company stated Shunwei Capital had held a little over nine percent stake in the parent company. The new investors include – former Indian cricketer Javagal Srinath, Flipkart CEO Kalyan Krishnamurthy, BookMyShow Founder Ashish Hemrajani, Udaan Co-founder Sujeet Kumar, and Zerodha Co-founder Nikhil Kamath.
Aprameya Radhakrishna, CEO and Co-founder, Koo said, “As earlier stated, we had been in discussion with Shunwei Capital to enable a smooth exit after it invested in our company 2.5 years ago while we were raising funds for Vokal and have now fully exited the parent company Bombinate Technologies.”
Javagal Srinath, former Indian cricketer said, “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 language audiences onto the internet is commendable, and as an Indian, I extend my support to them wholeheartedly.”
Considered as India’s alternative to Twitter, the Koo app won second place in the Aatmanirbhar App Challenge announced by the Indian government. It was also titled Google PlayStore’s Best Daily Essential App for 2020 and received a special mention by Prime Minister Narendra Modi in his Mann Ki Baat address.
The company had also acquired funding of $4.1 million, which will be utilized to enhance capabilities to solve uniquely Indian engineering challenges, and for marketing to increase awareness about the app. The app presently has over one million downloads on Google Play Store. In a tweet, Aprameya also said that 95 percent of Koo’s users log in through their mobile phones.