Koo, the Indian rival of Twitter is the latest company to join the list of tech layoffs. The social networking platform has reportedly fired a third of its workforce in recent months as it failed to raise funds.
As reported by Bloomberg, the microblogging platform has dismissed 30% of its 260 workers. “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 company told Bloomberg.
The Bengaluru-based company benefited a lot from Twitter’s spat with the Indian authorities. In the recent months many government officials, Bolloywood celebrities and cricket stars all joined Koo. Nevertheless, the existing challenge of obtaining cash coincides with a worldwide decline in the technology sector and reduced investment activity, resulting in significant drops in valuations for previously successful startups.
The company has also offered some support to the dismissed employees by giving compensation packages, extending health benefits and aid in finding new jobs, added the report.
Koo recently introduced loyalty program
Recently, Koo introduced a Koo loyalty programme. Users can earn coins and redeem them to purchase items and services at a discounted price. Users of Koo now have the opportunity to receive Koo coins daily based on their level of engagement with the app, as well as through referrals to family and friends.
These coins can be exchanged for exclusive offers from various brands, much like the programs offered by other payment apps such as Google Pay and Cred. In addition to Koo coins, Google Pay provides rewards for making payments through the app, while Cred offers users Cred coins that can be used to make discounted purchases from the available selection. However, Cred’s approach differs somewhat as it does not offer direct rewards.
As reported by Bloomberg, the microblogging platform has dismissed 30% of its 260 workers. “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 company told Bloomberg.
The Bengaluru-based company benefited a lot from Twitter’s spat with the Indian authorities. In the recent months many government officials, Bolloywood celebrities and cricket stars all joined Koo. Nevertheless, the existing challenge of obtaining cash coincides with a worldwide decline in the technology sector and reduced investment activity, resulting in significant drops in valuations for previously successful startups.
The company has also offered some support to the dismissed employees by giving compensation packages, extending health benefits and aid in finding new jobs, added the report.
Koo recently introduced loyalty program
Recently, Koo introduced a Koo loyalty programme. Users can earn coins and redeem them to purchase items and services at a discounted price. Users of Koo now have the opportunity to receive Koo coins daily based on their level of engagement with the app, as well as through referrals to family and friends.
These coins can be exchanged for exclusive offers from various brands, much like the programs offered by other payment apps such as Google Pay and Cred. In addition to Koo coins, Google Pay provides rewards for making payments through the app, while Cred offers users Cred coins that can be used to make discounted purchases from the available selection. However, Cred’s approach differs somewhat as it does not offer direct rewards.
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