Mayank Bidawatka, co-founder of the vernacular microblogging platform Koo, is preparing to launch a new venture called Billion Hearts Software Technologies. The startup is expected to make its debut in the coming months, and it has already attracted the attention of several prominent investors.

Initial Funding and Future Plans

Billion Hearts recently closed a $250,000 angel funding round, with investments coming from the founders of well-known companies like redBus, Ola, InMobi, and Myntra. This initial capital will help kickstart the company’s operations.

Bidawatka is planning to raise an additional $500,000 in the near future to further support the startup’s growth. According to regulatory filings accessed from the Registrar of Companies (RoC), the board at Billion Hearts has approved a resolution to raise Rs 4.13 crore (approximately $500,000) for this purpose. So far, the company has issued 39 pre-seed compulsory convertible preference shares (CCPS), successfully raising Rs 1.94 crore (roughly $250,000).

Valuation and Employee Stock Options

According to estimates from TheKredible, once the funding round is complete, Billion Hearts Software Technologies is expected to have a valuation of Rs 70.5 crore, which is approximately $8.5 million.

In addition to raising funds, the company has also announced plans to establish an Employee Stock Option Plan (ESOP). This plan will involve 333 equity shares, valued at Rs 16.5 crore. This move shows the company’s commitment to attracting and retaining top talent as it builds its operations.

Focus on Global Digital Consumer Products

Billion Hearts is focused on developing digital consumer products for a global market. While specific details about its offerings are still under wraps, the company’s first product is expected to launch by the end of this year. It will initially be released as a beta version, and interested users can sign up on the company’s website to gain early access.

With Bidawatka at the helm, the company is positioning itself to enter the highly competitive global tech landscape. His previous experience with Koo, a platform that initially gained attention as a homegrown alternative to Twitter, could offer valuable insights into building a scalable tech platform.

The Closure of Koo

Despite his new venture, Bidawatka’s previous project, Koo, recently faced challenges. The vernacular microblogging platform, which aimed to provide an alternative to Twitter for regional language speakers, shut down its operations in July of this year due to lack of traction and funding. Koo was also exploring merger and acquisition opportunities but was unsuccessful in finding a buyer.

The closure of Koo, however, hasn’t deterred Bidawatka from pursuing new opportunities. With Billion Hearts, he is shifting his focus toward creating global consumer products, aiming to capture a broader market and meet the needs of an international audience.

Conclusion

With a solid team of investors and a promising vision for global digital consumer products, Billion Hearts Software Technologies is poised to make a strong entrance into the tech space. The startup’s first product is eagerly awaited, and its success could establish Bidawatka’s new venture as a key player in the global digital market.