NEW DELHI: Homegrown micro-blogging platform Koo on Tuesday said that it has laid off 15 employees, or 5 per cent of its workforce, and not 40 as earlier reported in the media.
In a fresh statement, the Twitter rival said 15 positions “have been made redundant or removed due to performance issues”.
“This is completely aligned with the industry standards of hiring and retrenchment. Koo continues to hire talent in its monetisation, product and engineering teams,” a spokesperson said.
The additional hires, said Koo, will help it gear up for the next phase of growth and monetisation.
Aprameya Radhakrishna, Co-founder and CEO, Koo, was recently in London for an industry event for Indian entrepreneurs.
The company spokesperson said that she “did not meet any funders or high net worth individuals (HNIs) in London and did not engage in any fundraising activity”.
Koo has raised $44.1 million to date. In Februay this year, it raised $10 mn via Indian family offices.
Koo said it is “well capitalised, is focused on growth and enhancing innovation, driving digital inclusion and attaining 100 mn downloads”.
Launched in March 2020, Koo is currently available in 10 languages - Hindi, Marathi, Gujarati, Punjabi, Kannada, Tamil, Telugu, Assamese, Bengali and English.
As per the platform, it has over 45 million downloads, besides being leveraged by 7,000 high-profile people. Koo is backed by Tiger Global and early stage investors like Accel, Kalaari Capital, Blume Ventures and Dream incubator.
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