Media startup Dailyhunt is reportedly in advanced discussions to acquire the Bengaluru-based social network, Koo.
According to TechCrunch, the potential deal is in the advanced stages and involves a share-swap agreement, with the finalization expected within weeks.
Koo, positioning itself as a Twitter competitor, has actively sought new capital throughout the past year. The social network, available in India and Brazil, focuses on supporting multiple local languages to resonate with a broader audience.
In September, Koo co-founder Mayank Bidawatka expressed the startup’s intention to find a strategic partner with “distribution strength” for its next phase. Having raised over $60 million from investors like Tiger Global, Accel, 3One4 Capital, Mirae Asset, and Blume, Koo has undergone significant shifts in strategy, emphasizing unit economics and proving its viability as a real business.
VerSe Innovation, the parent company of Dailyhunt, boasts a valuation of $5 billion and reaches over 300 million users in India through its news aggregator platform and short-video app Josh.
In April 2022, VerSe Innovation secured $805 million in a funding round with participation from Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, Sofina Group, and Baillie Gifford.
