Homegrown Twitter rival Ku said on Thursday it has let go of 30 percent of its workforce during the year amid the current global recession.
In a statement, the company told IANS that it is important for businesses of all sizes to adopt an efficient and conservative approach to meet this period.
A spokesperson for Koo said, “In line with this, we have undertaken some role redundancies by letting go of 30 per cent of our workforce during the year and have supported them through compensation packages, extended health benefits and outplacement services.” a statement.
The company said it is well capitalised, with a recent fund raise of $10 million in January.
“We are not looking at raising funds as of now. We are making great progress with the revenue and will look to raise funds as required in future,” said the spokesperson.
In September last year, the micro-blogging platform laid off at least 40 people, mostly from its operations and backend teams, “to align its workforce with current business requirements”.
Ku, which is aiming to reach the 100 million-download mark, said it continues to “recruit talent, especially as far as the engineering and machine learning teams are concerned”.
In his latest statement, Koo said the global sentiment right now is more focused on efficiency than growth and businesses need to work towards proving unit economics.
“In just three years since launch, Koo has over 60 million app downloads and is the second largest micro-blog in the world with over 20 global languages available,” a company spokesperson told IANS.
Koo began its monetization experiments in September 2022 and within six months, it claims to have one of the highest average revenue per user (ARPU) per daily active user (DAU) among Indian social media companies and direct global competitors. does.
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