His publish got here quickly after media reported that VerSe Innovation, dad or mum of media startup Dailyhunt, is in superior talks to amass the Bengaluru-headquartered social community Koo, which is touted as a substitute for X, previously Twitter.
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The potential deal entails a share-swap settlement and may very well be finalised inside weeks, TechCrunch reported.
Taking to LinkedIn, Bidawatka stated, “Our accountability in direction of a wider neighborhood of stakeholders (customers, creators, VIPs, traders, coverage makers, media) forces us to not share something prematurely whereas we might wish to say extra.”
“Requesting your endurance until we are able to share extra concrete particulars of this partnership that can assist Koo take wings in an natural method and assist problem world opponents in a significant manner,” he added.
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Citing the continuing funding winter and disruption within the startup ecosystem, Bidawatka had hinted a number of months in the past that Koo is searching for a strategic companion.
“The subsequent section for Koo is to construct scale and that can occur with both funding or by a strategic partnership with somebody who already has scale,” he had stated.
Whereas Koo counts the likes of Tiger World, Accel, and 3One4 Capital amongst its traders, VerSe Innovation has raised funds from the likes of Canada Pension Plan Funding Board and Sofina Group, and was final valued at $5 billion.
