Koo co-founder Mayank Bidawatka finalizes pre-seed for new startup

Mayank Bidawatka, co-founder of the vernacular microblogging platform Koo, is set to launch his new venture, Billion Hearts Software Technologies, in the coming months.

The startup just closed a ~$250K angel round from founders of redBus, Ola, InMobi, and Myntra among others.

Mayank Bidawatka is planning to raise nearly $500,000 to establish the startup’s operations. The board at Billion Hearts has passed a resolution to raise Rs 4.13 crore, according to its regulatory filing accessed from the Registrar of Companies (RoC).

The company has already issued 39 pre-seed compulsory convertible preference shares (CCPS) to raise Rs 1.94 crore or $250k in funding.

According to  TheKredible’s estimates, if the round concludes, the company will be valued at Rs 70.5 crore or $8.5 million. The Bengaluru-based company also disclosed that it is creating an employee stock option plan (ESOP Plan) of 333 equity shares worth Rs 16.5 crore

As per the company, Billion Hearts will create digital consumer products for a global market. The first product is slated to be launched by the end of the year and will be rolled out as a beta for those who sign up for it on its website.

Vernacular microblogging platform Koo shut down its operations in July this year amid no traction and follow-up investment. The company was also looking for a merger and acquisition deal but failed to find a buyer.