Homegrown social media platform KOO has reportedly fired 30 per cent of its entire bandwidth. According to a report by Bloomberg, the Aprameya Radhakrishna-led start-up trimmed down its employee numbers as a cost-cutting measure.
Currently, KOO is struggling with its losses. In the financial year (FY) 2O22, its net loss shot up to Rs 197 crore from Rs 35 crore in FY21, witnessing a 5.6 per cent surge. As per media reports, the company is also struggling to generate funds due to the funding winter.
This is a developing story. We will get back to you with more information.
However, the company bagged Rs 14 lakh in operating revenue in FY22 compared to Rs 8 lakh in FY21. It witnessed a 75 per cent growth. However, it remained in the pre-revenue stage.
Last year, the indigenous competitor of Twitter became a subject of discussion for multiple reasons. In November, it offered job opportunities to the employees, who were being laid off from Twitter. Mayank Bidwatka, the co-founder took the issue to Twitter and wrote, “Very sad to see #RIPTwitter and related to # to this going down. We'll hire some of these Twitter ex-employees as we keep expanding and raise our larger, next round. They deserve to work where their talent is valued. Microblogging is about people's power. Not suppression.”
Very sad to see #RIPTwitter and related # to this going down.
— Mayank Bidawatka (@mayankbidawatka) November 18, 2022
We'll hire some of these Twitter ex-employees as we keep expanding and raise our larger, next round.
They deserve to work where their talent is valued. Micro-blogging is about people power. Not suppression.
A month later, Twitter suspended the company’s account without providing any reason. Burst out in anger, Radhakrishna took the issue to Twitter and wrote, “One of the Koo handles on Twitter just got banned. For what?! Because we compete with Twitter? So? Mastodon also got blocked today. How is this free speech and what world are we living in? What’s happening here?”
One of the Koo handles on Twitter just got banned. For what?! Because we compete with Twitter? So? Mastodon also got blocked today. How is this free speech and what world are we living in?
— Aprameya 🇮🇳 (@aprameya) December 16, 2022
What's happening here @elonmusk? @katienotopoulos @tculpan @PranavDixit @aubreyhirsch pic.twitter.com/av5KkkBqsV
Last year, nearly 20,000 employees lost their jobs in the Indian tech space. This year has also not offered any difference till now. More than 24,000 employees have lost their jobs since the start of this new year.
