Koo, a microblogging platform that is often compared to Twitter, has recently announced that it has laid off nearly one-third of its employees in the past year. The company revealed that it has had to let go of 30% of its total workforce, which previously consisted of 260 employees.
A spokesperson from Koo acknowledged that like many other startups, they had initially built up their workforce in anticipation of potential spikes in growth. However, due to the current market conditions and the global economic slowdown, Koo has also been impacted, resulting in the need for employee layoffs.
“Given the current market environment and external realities of a global slowdown, we get affected too,” said the Koo spokesperson in a statement to ET on Thursday.
Koo, which is often hailed as a competitor to Twitter, has gained popularity in India for its localized approach, supporting multiple regional languages. Despite its initial success, the company has had to make difficult decisions in the face of the challenging market conditions.