Koo fired 30% of its staff over the last year
The homegrown tech company told a news portal the move was prompted by unfavourable market conditions and the global slowdown
Microblogging site Koo, often called the homegrown counterpart of Twitter, has laid off 30% of its staff in the last year. The company made the disclosure to a media agency.
A Koo spokesperson told a news portal that the platform built in a workforce to account for spikes, and has been affected by the market conditions and global slowdown.
The company said that it has acted on some role redundancies and slashed 30% of its workforce over the course of the year. It also added that the laid-off employees have been compensated with severance packages, extended health benefits and outplacement services.
Tech companies all over the world have been beset by mass layoffs. Meta, Amazon and Disney were in the news last week after the firms initiated large job cuts.
Koo, launched in the middle of a pandemic in March 2020, is a microblogging site for multilingual conversations. The application has over 50 million downloads and has been launched in Brazil.
