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Chinese venture capital firm Shunwei Capital has exited Twitter's home-grow rival Koo. Shunwei Capital owned just over 9% of Bombinate Technologies, the parent company of Koo.
Shunwei's shareholding has been bought by former Indian cricketer Javagal Srinath, BookMyShow founder Ashish Hemrajani, Udaan co-founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy, and Zerodha founder Nikhil Kamath.
“Existing investors and various individuals have purchased Shunwei Capital’s minority stake in Bombinate Technologies, the parent company of Vokal and Koo,” Koo said in a statement.
Earlier, Koo had raised $4.1 million as part of its Series A funding. Infosys veteran Mohandas Pai’s 3one4 Capital is the latest addition to the investors on board. Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator also participated in the round.
Founded by Aprameya Radhakrishna and Mayank Bidawatka in March 2020, Koo is an inclusive micro-blogging platform in Indian languages where people from across different regions in India can express themselves in their mother tongue. Koo is available in multiple languages such as Hindi, Kannada, Telugu, and Bengali.
Former Indian cricketer Javagal Srinath 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."
Koo CEO and co-founder Aprameya Radhakrishna 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."
"It is important to note that Koo has been one of the first companies in India to be proactive in its actions of cleaning up its cap table and has doubled down on its commitment to build an Aatmanirbhar app for India and the world," Shunwei Capital said in the statement.
“Existing investors and various individuals have purchased Shunwei Capital’s minority stake in Bombinate Technologies, the parent company of Vokal and Koo,” Koo said in a statement.
Earlier, Koo had raised $4.1 million as part of its Series A funding. Infosys veteran Mohandas Pai’s 3one4 Capital is the latest addition to the investors on board. Accel Partners, Kalaari Capital, Blume Ventures and Dream Incubator also participated in the round.
Founded by Aprameya Radhakrishna and Mayank Bidawatka in March 2020, Koo is an inclusive micro-blogging platform in Indian languages where people from across different regions in India can express themselves in their mother tongue. Koo is available in multiple languages such as Hindi, Kannada, Telugu, and Bengali.
Former Indian cricketer Javagal Srinath 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."
Koo CEO and co-founder Aprameya Radhakrishna 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."
"It is important to note that Koo has been one of the first companies in India to be proactive in its actions of cleaning up its cap table and has doubled down on its commitment to build an Aatmanirbhar app for India and the world," Shunwei Capital said in the statement.