Koo, a Twitter Inc. rival in India, has fired nearly a 3rd of its workers in current months because the agency struggles with losses and an incapability to lift funds.

The three-year-old microblogging app dismissed 30% of its about 260 staff because 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, backed by Tiger Global, mentioned in a reply to queries by Bloomberg News.

Initially, the Bengaluru-based company benefited from Twitter’s spat with the Indian authorities over the content material on its platform as many voters, together with authorities officers, cricket stars and Bollywood celebrities flocked to Koo as an area different. However, the present battle to entry money comes amid a world rout for know-how corporations and depressed funding exercise that has slashed billions from valuations of as soon as high-flying startups.

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Koo, with greater than 60 million downloads, is “well capitalized,” and the corporate is striving to turn out to be worthwhile with monetization experiments, Co-founder Mayank Bidawatka mentioned in an interview. It additionally has one of many highest income per consumer amongst different social media corporations at the moment, he added.

The firm, which additionally counts Accel and Kalaari Capital amongst its traders, had raised funds at a valuation of $273 million final yr, in line with analysis agency Tracxn.

The startup has supported the dismissed workers via compensation packages, prolonged well being advantages and support to find new jobs, the spokesperson mentioned.