Micro-blogging platform Koo lays off 40 employees
By MYBRANDBOOK
According to a news source, the home-grown micro-blogging platform Koo has fired almost 40 employees from its operations and backend team amid a funding crunch.
The sources also said that the employees who have been laid off were mostly working in Delhi and other north Indian offices.
The layoffs took place over the last one month amidst a lot of people leaving the social media startup, the sources said.
According to a Koo spokesperson, the company has been streamlined in order to make sure that it is aligned to the present requirements of the business. However, the Bengaluru-headquartered startup did not disclose the number of employees who were let go.
“Koo is at a phase of rapid growth as we proudly steer digital inclusion for native language speakers. We recently attained a major milestone of 45 Mn downloads, growing 10x in the last two months,” the spokesperson said in a statement.
“The growth that we are witnessing in our business is reflected in our employee strength of 350+ people strong. We continue to recruit talent especially as far as engineering and machine learning teams are concerned. Our workforce is streamlined to ensure it is aligned to the current business requirements…,” the spokesperson added.
The development comes at a time when Koo CEO Aprameya Radhakrishna has been camping overseas and is in talks with several investors for a fresh round of funding. The startup has raised $44.5 Mn till date and is backed by investors like Tiger Global, Blume Ventures, Kalaari Capital, Accel, and 3one4 Capital.
“Aprameya is talking to HNIs and global funds to raise fresh funding and was in London recently for the same purpose. However, there is no success yet on the fundraise,” a source said.
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