Govt explains why Koo app has Chinese investment- Business News

Govt explains why Koo app has Chinese investment
Koo app was shortlisted as an awardee for AatmaNirbhar App Innovation Challenge under the social media category as it was an eligible participant to be classified as domestic company as per the extant FDI policy.
BusinessToday.In | March 17, 2021 | Updated 22:16 IST
Koo app was developed by an Indian IT company prior to the notification by DPIIT.
The government on Wednesday said that Chinese investment in microblogging app Koo was as per the existing regulations and the app has been developed indigenously.
Replying to a question on if the government was aware of Chinese investment in the parent firm of Koo, Minister of State for Electronics and Information Technology Sanjay Dhotre said  that under the extant FDI policy of government, 100 per cent investment through automatic route was allowed for IT companies till notification of Press Note 3 of Department for Promotion of Industry and Internal Trade (DPIIT), dated April 17, 2020.

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