DailyHunt To Expand Reach with Koo Acquisition

26 Mar 2024 , 03:17 PM

TechCrunch claimed on Wednesday, citing sources, that DailyHunt, a news content aggregator located in Bengaluru, is in the advanced stages of acquiring Indian start-up Koo.

According to the article, the sale might be completed in as little as three weeks. Koo, a social networking platform, has been hailed as an alternative to X.

In September 2023, Mayank Bidawatka, the creator of Koo, stated that the firm was searching for ways to raise capital or collaborate with a strategic partner to enable it to expand its activities.

‘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,’ he stated. Bidawatka had stated at the time that Koo could surpass rivals with the correct growth push and a platform that was ready for scale.

‘We continue to think that the most inclusive approach to introduce microblogging to a wider audience is to create a microblog specifically for native language speakers. In order for them to communicate and connect more effectively, 80% of people on the planet speak a language other than English as their first language, he stated.

According to Bidawatka, Koo’s original ‘stable state’ strategy called for scaling up before turning a profit, but it was forced to change course from a growth trajectory to a revenue-generating engine due to ‘sour market timing.’ ‘On our current trajectory, we could have defeated Twitter in India in just six months,’ he declared.

The company tried to make it easier for users to create posts by integrating OpenAI’s ChatGPT in 2023. The tech world is going crazy over generative AI thanks to ChatGPT, an AI bot that can write prose in response to commands.

DailyHunt reported revenue growth of 57% year over year to ₹1,809 Crore in FY23.

The content firm based in Bengaluru, which was founded in 2009 under the name Newshunt, rebranded itself as DailyHunt in 2015. The portal collects content in several Indian regional languages, including Tamil, Bhojpuri, Gujarati, Marathi, and others, from newspapers and websites.

Extra services provided by DailyHunt include free live TV streaming in many regional languages and original video content in Telugu and Hindi. According to the company, its machine-learning technologies enable intelligent content curation by monitoring user preferences and delivering personalised material in real-time.

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