Koo fires 30% workforce over the course of the year, citing tough market conditions & global slowdown

Homegrown microblogging platform Koo has sacked 30 percent of its close to 240 workforce, citing tough market conditions and global slowdown.

In a statement to CNBC-TV18, a company spokesperson said, "Given the current market environment and external realities of a global slowdown, we get affected too. In line with this, we have acted on some role redundancies by letting go of 30 percent of our workforce over the course of the year."

The Koo spokesperson further stated that the company is supporting the affected employees through compensation packages, extended health benefits, and outplacement services.

As per the Twitter rival, it is well capitalised after raising $10 million in January, however, it didn't close its investors. The company counts Accel and Kalaari Capital among its investors.

"We are a young startup with a long way ahead of us. The global sentiment right now is more focused on efficiency than growth and businesses need to work towards proving unit economics," said the spokesperson.

The statement further stated, "It's important for businesses of all sizes to adopt efficient and conservative approaches to see this period through."

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Since its inception, the company claims to have clocked over 60 million app downloads and is looking to become profitable with monetisation experiments. Koo spokesperson said, "As history has proven, there will be better times for all of us collectively."