India’s homegrown Twitter rival Koo yesterday said that it has let go 30 percent of its workforce over the course of the year amid the current global meltdown.

In a statement, the company said that it is critical for businesses of all sizes to use efficient and conservative measures to get through this period.

“In accordance with this, we have acted on some role redundancies by letting go of 30 percent of our workforce over the course of the year and have supported them through compensation packages, extended health benefits, and outplacement services,” said a Koo spokeswoman in a statement, according to an IANS report from New Delhi

With a recent $10 million fund round in January, the company claims to be well financed.

“We are not looking to raise funds at this time. We are making significant strides in income and will look to raise cash as needed in the future,” the official noted.

Last September, the microblogging platform laid off at least 40 people, mostly from its operations and backend teams, in the name of “realigning its workforce to the current business requirements.”

Koo, which is aiming for 100 million downloads, has stated that it would continue to “recruit talent, particularly in the engineering and machine learning teams.”

According to Koo’s most recent comment, the global sentiment is currently more focused on efficiency than growth, and enterprises must seek to demonstrate unit economics.

Koo began its monetisation tests in September 2022 and claims to have one of the highest average revenue per user (ARPU) per daily active user (DAU) compared to Indian social media businesses and direct worldwide competitors within six months.