Chinese investor exits Koo’s parent company

New Delhi:  Existing investors, along with a few prominent Indians, have bought out Chinese venture capital firm Shunwei Capital’s minority stake in Twitter’s homegrown rival Koo’s parent company Bombinate Technologies.
Former Indian cricketer Javagal Srinath, BookMyShow Founder Ashish Hemrajani, Udaan Co-Founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy and Zerodha Founder Nikhil Kamat have participated in the round to buy out shares of Shunwei Capital, Koo said on Wednesday.
Shunwei Capital had held a bit more than 9 per cent in Bombinate Technologies.
“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 has now fully exited the parent company Bombinate Technologies,” Aprameya Radhakrishna, CEO and Co-founder, Koo, said in a statement.
Koo, which positions itself as an “Aatmanirbhar” app for India and the world, had earlier faced criticism for the company’s links to Chinese funding.
The microblogging platform, however, said that is 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.