Bengaluru-based news content aggregator DailyHunt is reportedly in the final stages of discussions to acquire Koo, an Indian startup positioned as an alternative to the social media platform X (previously Twitter). The potential deal, anticipated to conclude within three weeks, could reshape the landscape of social media alternatives in the Indian market.
Background on Koo and DailyHunt:
Koo, often touted as a local alternative to global social media platforms, was founded by Mayank Bidawatka. In September 2023, Bidawatka expressed the company’s interest in fundraising or forming strategic partnerships to enhance its scale and operations. Meanwhile, DailyHunt, established in 2009 as Newshunt transformed into its current avatar in 2015. The Bengaluru-headquartered content startup aggregates news content from various regional languages in India, offering a diverse platform for users.
Details of the Potential Acquisition:
The reported acquisition talks between DailyHunt and Koo suggest a strategic move to strengthen their positions in the Indian digital landscape. Mayank Bidawatka’s vision for Koo revolves around scalability, either through funding or strategic partnerships, to outshine competitors. The deal could mark a significant development in the evolution of homegrown social media alternatives.
If the acquisition materializes, it could have wide-ranging implications for both DailyHunt and Koo. DailyHunt, with a reported 57% year-on-year increase in revenue in FY23, aims to expand its presence in the social media domain. Koo envisioned as a language-first platform, could leverage DailyHunt’s scale and resources to reach a broader audience, fulfilling its mission of providing an inclusive microblogging experience for native language speakers.
Conclusion:
The potential acquisition of Koo by DailyHunt underscores the dynamic nature of India’s digital landscape and the growing significance of indigenous alternatives in the social media space. As discussions progress, the outcome of this deal will be closely watched as it could shape the future trajectory of these platforms and contribute to the evolution of diverse and inclusive social media experiences for Indian users.
