Koo lay off 2022: Homegrown Twitter rival sacks 40 employees
The development was first reported by leading startup news portal Inc42, which said that Koo CEO Aprameya Radhakrishna is currently abroad, seeking a fresh round of funding.
Homegrown Twitter rival Koo has laid off at least 40 people, mostly from its operations and backend teams, and the micro-blogging platform said on Thursday that it is realigning its workforce aceto the current business requirements".
The development was first reported by leading startup news portal Inc42, which said that Koo CEO Aprameya Radhakrishna is currently abroad, seeking a fresh round of funding.
A Koo spokesperson told IANS that the platform is at a phase of rapid growth as it steers digital inclusion for native language speakers.
"We recently attained a major milestone of 45 million downloads, growing 10x in the last 2 months. The growth that we are witnessing in our business is reflected in our employee strength of 350+ people strong," said the spokesperson.
Koo, which is aiming to reach the 100 million-download mark, said that it continues to "recruit talent especially as far as engineering and machine learning teams are concerned".
"Our workforce is streamlined to ensure it is aligned to the current business requirements. As a people-first company, we appreciate the talent and contributions of each of our associates," the spokesperson added.
Launched in March 2020, Koo is currently available in 10 languages -- Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, Telugu, Assamese, Bengali and English.
According to the platform, it has over 45 million downloads and is actively leveraged by 7,000 high-profile people from across the spectrum.
In February this year, Koo raised nearly $10 million in two different trances from multiple investors.
The investors included Capsier Venture Partner, Ravi Modi Family Trust, Ashneer Grover, FBC Venture Partners, Adventz Finance etc, according to regulatory filings.
Last year, Koo raised its Series B funding from Tiger Global, Accel Partners, and Blume Ventures.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:45 PM IST