Social Media Platform Koo Laid Off 30% Of Its Workforce: Report

According to the media reports, Koo had raised funds at a valuation of USD 273 million last year. It has Accel and Kalaari Capital among its investors

Twitter's Indian rival Koo has fired almost a third of its employees as the firm struggles with losses and an inability to raise funds, as per media reports.

The three-year-old microblogging app reportedly dismissed 30 per cent of its about 260 workers as the “global sentiment right now is more focused on efficiency than growth and businesses need to work toward proving unit economics,” media reports said quoting sources.

Koo has reportedly offered severance packages, extended health benefits and aid in finding new jobs to the laid-off employees.

Backed by Tiger Global, Koo has more than 60 million downloads and counts Accel and Kalaari Capital among its investors. In 2022, the startup raised funds at a valuation of USD 273 million.

The social media platform added that it was important for businesses of all sizes to adopt 'efficient and conservative approaches' to see this period through.

Tags assigned to this article:

Around The World