Urge & request media to stop speculating: Koo Founders
'We are committed to our dream of taking Koo to the world and beating the best with Indian tech,' said the founders.
After the reports that the homegrown micro-blogging platform, Koo, is actively seeking a partnership with a party possessing robust distribution capabilities, the founders have now issued a statement urging media to stop speculating.
The statement highlights that 2023 has been one of the toughest years for the startup ecosystem around the world. Funding has come to a standstill and only near breakeven or early stage startups are lucky to raise funds, that too at low valuations / heavy markdowns.
“While our stable state plan was to scale more before generating revenue, Koo too was caught in this unfortunately sour market timing and had to switch gears from a growth trajectory to a revenue generating engine. With just 6 months more on our trajectory, we would have beaten Twitter in India” read the statement.
The founders of Koo believe that from growing rapidly to cutting down on growth and proving unit economics, within 6 months of revenue experimentation, Koo took a 180 degree turn and proved that this is a real business.
“While the market is unfavourable, we as founders are committed to our dream, of taking Koo to the world and beating the best, with Indian tech. We believe that India needs to have a seat at the table that's currently only reserved for global tech giants.”
“The next phase for Koo is to build scale and that will happen with either funding or through a strategic partnership with someone who already has scale. With 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. With a platform that's scale ready, Koo can outshine competitors with the right push on growth. While we talk to the right partners to build this out, we urge and request our well wishers and friends in the media to stop speculating and be patient till we have something concrete to announce. All we can tell you is that, with all these changes, Koo will be much stronger as an organization and will make all of us proud,” it further read
