The Indian social media platform Koo, positioned as a competitor to Elon Musk’s X, is shutting down after unsuccessful acquisition talks with Dailyhunt.

Despite raising over $60 million from investors like Accel and Tiger Global, Koo struggled to expand its user base and generate revenue in the past two years.

In February, TechCrunch reported exclusively that Koo was in discussions with Dailyhunt, an internet media startup valued at $5 billion, for a potential sale. However, these negotiations did not result in a deal, the Koo founders announced on Wednesday.

“We explored partnerships with several larger internet companies, conglomerates, and media houses, but these talks didn’t yield the desired outcome,” Koo founders Aprameya Radhakrishna and Mayank Bidawatka wrote in a LinkedIn post. “Most of them were reluctant to handle user-generated content and the unpredictable nature of a social media company.”

However, a prolonged funding winter, which pressured startups worldwide to scale their revenue and improve finances, “got the better of us,” the Koo founders said.

Koo aimed to attract Indian users by offering an X-like platform supporting multiple local languages. It initially gained traction in India during a period of conflict between Twitter and the Indian government. The conflict arose when Twitter challenged the government’s opaque requests for content removal.