Home-grown micro-blogging app Koo has a Chinese investor Shunwei Capital on board who is on its way out, Aprameya Radhakrishna, Co-founder and Chief Executive Officer of Koo, told CNBC TV18 in an interview on February 10.
“Shunwei had invested in the earlier brand Vokal. We have pivoted our business and focused on Koo, they are on their way out. They are being bought out by other people. We are a truly Atmanirbhar Bharat app,” Radhakrishna said.
“Shunwei Capital is a very small stakeholder in the company right now which will get bought out. They are in the process of exiting,” he added.
Interestingly, he took to Twitter to confirm that Koo is an India registered company with Indian founders.
"Koo is an India registered company with Indian founders. Raised earlier capital 2.5 years ago. Latest funds for Bombinate Technologies is led by a truly Indian investor 3one4 capital. Shunwei (single digit shareholder) which had invested in our Vokal journey will be exiting fully," he tweeted.
Besides the Chinese investor, Koo also counts investors such as Infosys veteran Mohandas Pai's 3one4 Capital, Kalaari Capital and Blume Ventures, among others, on its cap table. It has raised around $4.1 million so far.
A bunch of Union ministers recently flocked to the local app after the government's intense row with Twitter.
Founded in March 2020 by Radhakrishna and Mayank Bidawatka, Koo can be used to express views and opinions on various topics much like Twitter.
Growth was fuelled soon after it won Aatmanirbhar App Innovation Challenge held by the government in August 2020. The app claims to have around 3 million downloads.