Srinath, A-list entrepreneurs buy out Shunwei stake in Koo

BookMyShow founder Ashish Hemrajani, Udaan co-founder Sujeet Kumar and Zerodha founder Nikhil Kamat were others who bought out Shunwei’s over 9 pc stake in Bombinate Technologies. “Existing investors along with a bunch of individuals have bought out Shunwei Capital’s minority stake in Bombinate Technologies, the parent company of Vokal and Koo,” a release said.

It, however, did not reveal the financial details of the deal. Koo, which caught public attention after the Centre’s tussle with Twitter over the removal of inflammatory content, has crossed over 4 mn downloads with about a mn active users. Koo’s investors from whom it has raised $4.1 mn so far, include Accel Partners, 3one4 Capital, Blume Ventures, and Kalaari Capital. Additionally, global venture capital firm, Shunwei, was also an investor in Bombinate Technologies, the parent of Koo. Shunwei Capital, which is led by a partnership team that includes people of Chinese origin, had invested in the earlier product of Bombinate, an app called Vokal. Since Bombinate has pivoted its primary business and focused on Koo, Shunwei committed to exiting the firm and concluding the deal now.

Srinath, former Indian cricketer and fast bowler said, “I am very happy to be backing Koo - one of India’s most talked-about social media platforms.