Koo, a Twitter rival, has laid off around one-third of its employees due to funding struggles. The company is also dealing with losses.
2
Efficiency push
Koo's decision to fire 30% of its about 260-strong is part of an efficiency push. Last year, the company had fired 15 staffers.
3
Funding problems
Start-ups worldwide are wrestling with the funding crunch. In Q1, India's start-up funding fell by 75% YoY, with late-stage funding worst hit at 79% YoY.
4
Losses outpace revenue
Koo's FY22 revenue was Rs. 4.88 crore, but losses rose to Rs. 197.15 crore. Monthly active users fell from 9.4M to 4.1M between July'22 and Jan'23.
5
Start-up struggles
Start-ups worldwide have been hit by economic uncertainties and funding problems. The fear of an impending recession has made things difficult for them.