Mitron TV, a short video platform, is close to striking a deal with India’s Twitter alternative Koo.

First reported by Entrackr, Koo has passed a special resolution to allot Series B3 preference shares to existing investors of Mitron TV in a share swap deal, shows a regulatory filing with the Registrar of Companies. 

The deal appears to be a part consideration for the complete acquisition of Mitron TV by Koo (Bombinate Technologies).

Koo To Acquire Mitron TV

With the ban of TikTok in India two years ago, the short video entertainment space became a huge opportunity for homegrown startups. The segment saw the entry and rise of platforms like ShareChat, Dailyhunt and MX Player, while platforms such as Roposo, Trell and Chingari pivoted to figure out sustainable business models over time.

Over the past year, Mitron TV has been struggling to find a business model and follow-on funding. As a result, the short video platform has been in the market for an acquisition for a while.

Founded by ​​Shivank Agarwal and Anish Khandelwal in April 2020, Mitron TV had raised $5 million from major Venture capitalist firms and angel investors, including Nexus, 3one4 Capital, Lets Ventures, Deep Kalra, Amrish Rau and Jiten Gupta.

Launched by Vokal co-founders Aprameya Radhakrishna and Mayank Bidawatka, Koo is India’s Twitter alternative. The Indian microblogging platform had raised around $10 million (Rs 79 crore) in two tranches from a clutch of investors, including Caspier Venture Partner, Ashneer Grover and Ravi Modi Family Trust.

Other investors that participated in the funding round include FBC Venture Partners, Yulubike’s Hemant Gupta, and Adventz Finance Private Limited. Early in 2022, short video Moj and MX Player’s MX TakaTak announced their merger, while Trell fired a significant chunk of its employees in March.

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