India’s own microblogging platform Koo has said that Chinese venture capital firm Shunwei Capital has exited from its Bengaluru-based startup.
In February, it was reported that Shunwei was planning its exit.
With this exit, Koo has now become a completely atma nirbhar microblogging app. Its investors include 3one4 Capital, Kalaari Capital, and Blume Ventures.
Shunwei held a minoity 9 per cent stake in Bombinate Technologies, Koo’s parent company.
The stake was bought by former Indian cricketer Javagal Srinath, Bookmyshow founder Ashish Hemrajani, Udaan co-founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy, and Zerodha founder Nikhil Kamath.
“As stated earlier, 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. It has now fully exited the parent company Bombinate Technologies,” said Aprameya Radhakrishna, co-founder and chief executive officer at Koo.
Koo came to limelight following many Union ministers flocking to the platform amidst Twitter’s standoff with the government this February.
Moreover, following the border clashes last year and changes in FDI policy, India’s top startup unicorns, including Zomato, BigBasket and Dream11, have been discussing reducing their exposure to these investors.
