Dailyhunt in Talks to Acquire Indian Social Media Platform Koo

News aggregator platform Dailyhunt is reportedly in advanced discussions to acquire the Bengaluru-based social network Koo, according to sources familiar with the matter. This potential deal, involving a share-swap agreement, could be finalized within a few weeks, although both companies have declined to comment.

Koo’s Focus on Local Languages and Growth:

Koo, often seen as a competitor to Twitter, has been actively seeking new funding throughout 2023. This social network, accessible in India and Brazil, emphasizes supporting various local languages to resonate with a broader audience.

Koo Seeking Strategic Partnership for Growth:

In September 2023, Koo co-founder Mayank Bidawatka stated that the company, which has secured over $60 million from investors like Tiger Global and Accel, was seeking a strategic partner with “distribution strength” to propel its future growth.

Dailyhunt’s Position and Recent Funding:

Dailyhunt, which was recently valued at $5 billion, has over 300 million users in India thanks to its Josh short-video app and news aggregation platform. Notably, VerSe Innovation, Dailyhunt’s parent company, secured an $805 million funding round in April 2022 from various investors.

Potential Implications of the Acquisition:

If this acquisition materializes, it could significantly impact the Indian social media landscape. Dailyhunt’s extensive user base combined with Koo’s focus on local languages could create a formidable competitor in the market. However, the specific details and potential outcomes of this ongoing negotiation remain unclear.