Indian social media platform Koo is shutting down, according to its founder Aprameya Radhakrishna and Mayank Bidawatka. They cited failed partnership talks and high technology costs as the reasons behind their decision. The platform drew direct comparisons to Twitter upon launch and gained traction after Elon Musk took over the micro-blogging site. In April 2023, the company began laying off a large portion of its workforce.
During its peak, Koo had approximately 2.1 million daily active users and 10 million monthly users, with over 9000 VIPs. Despite its success, the company faced financial challenges and a prolonged funding winter, which led to downsizing. The founders cited the unpredictable capital market and high technology costs as major issues.
They also expressed their intention to sell some of the company's assets, stating, "We will be happy to share some of these assets with someone who has a great vision for India's social media landscape.
The founders expressed gratitude to supporters, their team, investors, creators, and users in their farewell message. They also mentioned their optimism about future ventures and their hope for an inclusive platform despite the shutdown. They thanked their team for sticking with them through thick and thin and expressed their appreciation for working with such passionate individuals.
The founders hinted at their comeback as entrepreneurs, stating that they are entrepreneurs at heart and will be back in the arena one way or another. They ended their message by thanking everyone for their time, attention, good wishes, and love, and indicated that the little yellow bird is saying its final goodbye.
Meanwhile, X (formerly Twitter) has also announced upcoming changes to its live streaming feature. Unlike Instagram, X's new changes may concern its users, as the ability to live stream will soon be accessible only behind its premium paywall.
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