Chinese shares in Koo bought out
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The Chinese company stakes in Twitter rival Koo's parent company Bombinate Technologies have been bought out by existing investors, including Former Indian cricketer Javagal Srinath, BookMyShow Founder Ashish Hemrajani, Udaan Co-Founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy and Zerodha Founder Nikhil Kamat. Chinese firm Shunwei Capital had over 9 per cent in Bombinate.
"As earlier stated, we had been in discussion with Shunwei Capital to enable a smooth exit after it invested in our company 2.5 years ago while we were raising funds for Vokal and has now fully exited the parent company Bombinate Technologies," Aprameya Radhakrishna, CEO and Co-founder, Koo, said in a statement.
Koo, launched recently, was condemned for having Chinese funding despite projecting itself as a homegrown, aatmanirbhar rival to Twitter. It now has over 40 lakh users and aims to garner over ten crore users by the end of 2021, informed Mayank Bidawataka, co-founder of the microblogging platform.