Koo: Twitter’s Indian rival Koo fires 30% workers, right here’s why – Instances of India

Koo, the Indian rival of Twitter is the newest firm to hitch the listing of tech layoffs. The social networking platform has reportedly fired a 3rd of its workforce in current months because it failed to boost funds.
As reported by Bloomberg, the microblogging platform has dismissed 30% of its 260 employees. “The global sentiment right now is more focused on efficiency than growth and businesses need to work toward proving unit economics,” a spokesperson for the corporate informed Bloomberg.
The Bengaluru-based firm benefited loads from Twitter’s spat with the Indian authorities. Within the current months many authorities officers, Bolloywood celebrities and cricket stars all joined Koo. Nonetheless, the prevailing problem of acquiring money coincides with a worldwide decline within the know-how sector and lowered funding exercise, leading to important drops in valuations for beforehand profitable startups.
The corporate has additionally supplied some assist to the dismissed workers by giving compensation packages, extending well being advantages and support to find new jobs, added the report.
Koo not too long ago launched loyalty program
Just lately, Koo launched a Koo loyalty programme. Customers can earn cash and redeem them to buy objects and companies at a reduced worth. Customers of Koo now have the chance to obtain Koo cash every day based mostly on their stage of engagement with the app, in addition to by way of referrals to household and mates.
These cash will be exchanged for unique provides from varied manufacturers, very like the applications supplied by different cost apps similar to Google Pay and Cred. Along with Koo cash, Google Pay offers rewards for making funds by way of the app, whereas Cred provides customers Cred cash that can be utilized to make discounted purchases from the accessible choice. Nonetheless, Cred’s strategy differs considerably because it doesn’t provide direct rewards.