New Delhi, Sep 6 : Homegrown micro-blogging platform Koo on Tuesday announced that it had laid off 15 employees, which is 5 percent of the workforce not 40 as previously published in the press.In a statement made to IANS the Twitter rival claimed that 15 posts “have been eliminated or made redundant because of performance problems”.
“This is in complete alignment with the industry norms of hiring and reduction of staff.However, Koo continues to hire top talent in its engineering, product, and monetisation teams,” a company spokesperson said.
The additional hires, according to Koo said, will assist it to get ready to enter the next stage of expansion and monetisation.
Aprameya Radhakrishna, co-founder and CEO of Koo was in London to attend an gathering specifically for Indian entrepreneurs.
The spokesperson for the company said she she “did not speak to any funders, or high-net worth individuals (HNIs) in London and did not participate in any fundraising activities”.
Koo has raised $44.1 million to date.
The company claims to be “well capitalised, and is focusing on growth and increasing the pace of innovation, enabling digital inclusion and achieving 100 million downloads”.
Koo was 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 site, it has more than 45 million downloads and is used by 7,000 prominent individuals from all over the world.
Koo is supported by Tiger Global and early stage investors such as Accel, Kalaari Capital, Blume Ventures and Dream incubator.
In February, Koo raised $10 million through Indian family offices.
The investors comprised Capsier Venture Partner, Ravi Modi Family Trust, Ashneer Grover, FBC Venture Partners, Adventz Finance etc, according to regulatory filings.
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