Rival Koo said on Thursday it had cut 30% of its workforce this year amid the current global economic meltdown
Published Date – 08:00 AM, Fri – 21 April 23
New Delhi: Homegrown Twitter rival Koo said on Thursday it has cut 30% of its workforce this year amid the current global economic meltdown.
In a statement, the company told IANS that it is important for businesses of all sizes to take an efficient and conservative approach to navigating through this period.
“Consistent with this, we are laying off 30 percent of our workforce this year and supporting them through compensation packages, expanded health benefits and reemployment services,” a Koo spokesperson said in a statement.
The company said it is well-capitalized, having recently raised $10 million in funding in January.
“We are not looking at raising capital at this time. We have made great progress on revenue and will seek to raise capital in the future if necessary,” the spokesperson added.
In September last year, the microblogging platform laid off 15 people, most of them from operations and back-end teams, “to adjust the workforce according to current business needs.”
Koo, which aims to hit the 100 million download mark, has said it will continue to “hire talent, especially in the engineering and machine learning teams.”
In his latest statement, Koo said that the current global sentiment is more about efficiency than growth, and that companies need to work hard to demonstrate unit economics.
“In just three years since its launch, Koo has had over 60 million app downloads, is the second largest Weibo in the world, and is available in more than 20 global languages,” a company spokesperson told IANS.
Koo started its monetization experiment in September 2022, and within six months, it claimed to have the highest average revenue per user (ARPU) compared to Indian social media companies and direct global competitors one of the companies.
