 "Koo")
Home-grown social media platform Koo has fired 30 per cent of its staff in recent months, a report by Bloomberg said on Thursday. A spokesperson of the Tiger Global-backed company was quoted in the report as saying that the global sentiment is currently more focused on efficiency than growth and businesses need to work toward proving unit economics.
The company, before the layoffs, had around 260 employees. Last year, it laid off 15 employees.
The company had initially benefited from Twitter's clash with Indian authorities over the content on its platform. Several celebrities flocked to Bengaluru-based Koo as an alternative. However, the current job cuts come at a time of slowdown in startup funding.
According to data from research firm Tracxn, startup funding has plunged 75 per cent in the quarter ending March as compared to the same period last year.
Tracxn's data also showed that Koo had raised funds at a valuation of $273 million last year. It has Accel and Kalaari Capital among its investors.
The spokesperson told Bloomberg that dismissed employees will be supported by compensation packages, health benefits and aid in finding new jobs.
