The TigerGlobal-backed Koo was launched in March 2020 as a multi-lingual, micro-blogging platform.
Koo says the corporate is well-capitalised with its latest fundraise of $10 million in January 2023
Koo, Twitter’s rival firm in India, on Thursday mentioned the corporate has laid off 30 per cent of its workforce, or 260 staff, over the course of the 12 months. The firm additionally mentioned Koo doesn’t have any plans for additional layoffs.
“We are nicely capitalised with our latest fundraise of $10 million in January 2023. We aren’t elevating funds proper now. We are making nice progress with income and can look to boost funds sooner or later as needed,” Koo said in a statement.
In September 2022, Koo laid off at least 15 persons, mostly from its operations and backend teams, “realigning its workforce to the current business requirements”.
The firm mentioned it is necessary for companies of all sizes to undertake environment friendly and conservative approaches to see this era by means of.
“In line with this, we now have acted on some function redundancies by letting go of 30% of our workforce over the course of the 12 months and have supported them by means of compensation packages, prolonged well being advantages and outplacement companies,” it mentioned.
Like most startups, Koo also built in a workforce to account for spikes. Given the current market environment and external realities of a global slowdown, we get affected too, according to the statement.
It also said some of the most profitable companies in the world have shed tens of 1000s of jobs. We are a young startup with a long way ahead of us. The global sentiment right now is more focused on efficiency than growth and businesses need to work towards proving unit economics.
The TigerGlobal-backed Koo was launched in March 2020 as a multi-lingual, micro-blogging platform to enable Indians to express themselves online in their mother tongue. Currently, Koo has over 60 million app downloads and is the second largest microblog available to the world with over 20 global languages.
Koo started its monetization experiments in September 2022 and within 6 months we have one of the highest ARPU per DAU compared to Indian social media companies and direct global competitors. With over 100+ brands advertising on the platform, we will continue to experiment with monetization to build a sustainable business.
(The story has been updated with Koo’s statement)
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