Dailyhunt in discussions to acquire social network startup Koo, a social network based in Bengaluru, according to two individuals with knowledge of the situation.
The deal that is under the discussion is a share swap agreement and could be signed within a matter of weeks, sources said, asking for anonymity since the issue is confidential.
The debate is a follow-up to Koo who has been looking to be an Twitter rival, actively searching for new capital over the course of this year. The social network, which is accessible in India as well as Brazil is betting that its strategy of allowing different languages in the local market will allow the app to reach out to the wider population.
Koo Co-founder Mayank Bidawatka said in September that the company that has raised more than $60 million from investors, including Tiger Global, Accel, 3One4 Capital, Mirae Asset and Blume is looking for an alliance partner that had “distribution capability” to take on Koo’s “next step” of the journey.
“From increasing rapidly to reducing growth, and then proving unit economics in just six months of revenue experiments and an 180-degree turn and proved this was an actual business model,” the author wrote.
Dailyhunt It was valued at $5 billion and Koo did not respond to requests for comment.