Private Equity

Liquidity Events

Social media player Koo to acquire short video platform Mitron TV

Entrackr  

Mumbai-based short video platform Mitron TV is to be acquired by Koo, a social media platform attempting to rival Twitter. Koo, promoted by Bangalore-based Bombinate Technologies, is allotting 3,182 Series B3 CCPS worth INR 28.17 crore against 13,151 shares of Mitron TV. Koo may add a layer of short-video in its app to encourage time consumption on the app and attract a young audience.

From the Venture Intelligence PE-VC Deal Database: Across two tranches in July-Aug 2020, Mitron TV had raised about USD 5 million in a round led by Nexus Ventures, with participation from 3one4 Capital and Arun Tadanki’s private syndicate on LetsVenture. Angels who participated in the round included Deep Kalra (chairman, MakeMyTrip), Amrish Rau (CEO, Pine Labs), Jiten Gupta (founder, Jupiter), Amarjit Batra (MD, Spotify India), Anand Chandrasekharan (former Facebook, Snapdeal executive) and Karan Bajwa (MD, Google Cloud India). (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)