khaskhabar.com : Thursday, April 20, 2023 4:34 PM
New Delhi. Homegrown Twitter rival Ku said on Thursday it has asked to let 30 percent of its workforce go during the year amid the current global recession.
It is important for businesses of all sizes to adopt an efficient and conservative approach to meet this period, the company told IANS in a statement.
“In line with this, we have taken on some role redundancies by furloughing 30 per cent of our workforce during the year and have supported them through compensation packages, extended health benefits and outplacement services,” a Koo spokesperson said in a statement.
The company said it is well capitalised, with a recent fund raise of $10 million in January.
“We are not looking to raise funds as of now. We are making a lot of progress with revenue and will consider raising funds as and when required in future,” the spokesperson said.
In September last year, the micro-blogging platform had fired at least 40 people, mostly from its operations and backend teams.
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 new statement, Koo said that 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. Has done.(IANS)
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Web Title-Twitter rival Ku laid off 30 percent of its staff during the year amid a global recession.