Koo, an Indian microblogging site often touted as a rival to Twitter, has laid off around 30% of its workforce over the past year, according to a statement from the company.

The layoffs were made in response to what Koo calls a "global slowdown" and the current market environment. The company said it was committed to supporting affected employees through compensation packages, extended health benefits and outplacement services.

Despite the layoffs, Koo said it is "well capitalized" with over 60 million app downloads and a recent fundraise of $10 million in January this year. The spokesperson added that the company is making "great progress" with revenue and does not need to raise funds at this time.

Koo also said it has been experimenting with monetization since September 2022 and claims to have one of the highest ARPU (average revenue per user) per DAU (daily active users) compared to Indian social media companies and direct global competitors. However, the company did not provide specific revenue figures.