Mayank Bidawatka, the co-founder of the vernacular microblogging platform Koo, is gearing up to launch his new startup, Billion Hearts Software Technologies. The company recently finalized a pre-seed funding round, securing approximately $250,000 from notable investors, including founders of redBus, Ola, InMobi, and Myntra.
Billion Hearts is poised to raise nearly $500,000 to kickstart its operations, as indicated by a regulatory filing with the Registrar of Companies (RoC). The board has authorized raising ₹4.13 crore (about $500,000), and the startup has already issued 39 pre-seed compulsory convertible preference shares (CCPS), raising ₹1.94 crore (approximately $250,000) in initial funding.
According to estimates from TheKredible, if the funding round is successfully completed, Billion Hearts will be valued at around ₹70.5 crore (approximately $8.5 million). Additionally, the Bengaluru-based company is developing an employee stock option plan (ESOP) comprising 333 equity shares, valued at ₹16.5 crore.
Billion Hearts aims to create innovative digital consumer products for a global audience, with its first product set to launch by the end of the year. Interested users can sign up for the beta version on the company’s website.
This news comes on the heels of Koo shutting down its operations in July, following struggles with traction and subsequent investment challenges. Despite attempts to seek a merger or acquisition, the platform was unable to secure a buyer.
As Bidawatka embarks on this new venture, the tech community will be watching closely to see how Billion Hearts Software Technologies unfolds in the competitive landscape of digital consumer products.
