Update (September 6, 7:50 p.m. SGT): This article was updated after the company clarified that 15 employees have been laid off due to performance issues, and not 40 employees as first reported.
Koo, an India-based social media platform, said it has dismissed 15 employees, or 5% of its total workforce, due to performance-related issues.
The local Twitter competitor did not specify which divisions were affected by the layoff. In a statement to Tech in Asia, a Koo spokesperson said this decision “completely aligned with the industry standards of hiring and retrenchment.”
At the same time, Koo continues to hire talent in its product and engineering teams, the spokesperson added.
“The additional hires will help the company gear up for the next phase of growth and monetization, which the company has already announced,” said the spokesperson.
The development was first reported by Inc42.
See also: Tracking layoffs across Asia’s startup ecosystem
The social media platform currently has around 300 employees, most of whom work at its head office in Bengaluru.
The firm said it has reached 45 million app downloads, growing 10x in the last two months.
Founded in 2020 by Aprameya Radhakhrisna and Mayank Bidawatka, Koo has raised a total of US$44.1 million so far. Its backers include Tiger Global, Accel Partners, Kalaari Capital, Blume Ventures, Dream Incubator, IIFL Finance, and Mirae Assets.
Editing by Samreen Ahmad, Lorenzo Kyle Subido, and Arpit Nayak
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