Media startup Dailyhunt is in superior levels of talks to amass the Bengaluru-headquartered social community Koo, two sources acquainted with the matter informed me.
The potential deal beneath dialogue includes a share-swap settlement and may very well be finalized inside weeks, the sources added, requesting anonymity because the matter is personal.
The deliberation follows Koo, which has sought to change into a Twitter rival, aggressively trying to find new capital all through final yr. The social community, accessible in India and Brazil, is betting on the concept that its strategy of supporting a number of native languages will assist the eponymous app resonate broadly with the bigger plenty.
Koo co-founder Mayank Bidawatka mentioned in September that the startup — which has raised over $60 million from buyers together with Tiger World, Accel, 3One4 Capital, Mirae Asset and Blume — was seeking to discover a strategic associate with a “distribution energy” for its “subsequent part” of journey.
“From rising quickly to slicing down on progress and proving unit economics, inside 6 months of income experimentation, we took a 180 diploma flip and proved that this can be a actual enterprise,” he wrote.
Dailyhunt, which was final valued at $5 billion, and Koo declined to remark.
VerSe Innovation, the guardian agency of Dailyhunt, reaches greater than 300 million customers in India by way of its information aggregator platform and short-video app Josh. It raised a funding spherical of $805 million in April 2022 from buyers together with Canada Pension Plan Funding Board, Ontario Academics’ Pension Plan Board, Sofina Group and Baillie Gifford.