Media firm Dailyhunt is in the advanced stages of talks to acquire homegrown microblogging platform Koo, a media report said on Wednesday.

According to IANS, which cited unnamed sources, the deal is expected to be finalized “within weeks” and involves a share-swap agreement.

Founded in 2020, Koo is owned by Bengaluru-based Bombinate Technologies.

The company was founded by Aprameya Radhakrishna and Mayank Bidawatka and is often considered to be India’s version of Elon Musk’s X.

In a statement to IANS, Dailyhunt parent VerSe Innovation’s spokesperson said that they have no comment on recent speculations.
“Our focus remains on our core objectives,” the spokesperson added.

In September last year, Bidawatka said that the company is looking to “partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow.”

In a LinkedIn post, he mentioned that the next phase for Koo is to “build scale and that will happen with either funding or through a strategic partnership with someone who already has scale” in the “current reality of a slow investor market.”

In April last year, Koo said that it had let go of 30 percent of its workforce over the year amid the current global meltdown.

The company had told IANS that it is important for businesses of all sizes to adopt efficient and conservative approaches to see this period through.