Shunwei Capital has exited Bombinate Technologies, the company that owns micro-blogging platform Koo, as existing investors and other Indian individuals bought the Chinese investor’s minority stake in the company.
Bombinate Technologies also owns Vokal, a vernacular knowledge sharing app.
Individuals who participated in the buy out include former Indian Cricketer Javagal Srinath, BookMyShow Founder Ashish Hemrajani, Udaan Co-Founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy and Zerodha Founder Nikhil Kamath.
Shunwei Capital’s stake accounted for about 9 percent in Bombinate Technologies. In a statement, the company said, “It is important to note that Koo has been one of the first companies in India to be proactive in its actions of cleaning up its cap table and has doubled down on its commitment to build an Aatmanirbhar app for India and the world.”
Koo has so far raised around $4.1 million from investors including Mohandas Pai's 3one4 Capital, Kalaari Capital, and Blume Ventures.
Javagal Srinath, former Indian cricketer and fast bowler said in the statement, "I am very happy to be backing Koo - one of India's most talked about social media platforms. The fact that they are building a platform to bring the voices of Indian language audiences onto the internet is commendable and as an Indian I extend my support to them wholeheartedly."
Aprameya Radhakrishna, CEO and Co-founder, Koo said “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 have now fully exited the parent company Bombinate Technologies."
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