Mumbai, April 20: The tech layoffs season does not seem to stop. In the latest addition, Koo, India's Twitter rival, has fired 30 per cent of its staff in recent months as the tech layoffs season darkens. "The global sentiment is currently more focused on efficiency than growth, and businesses need to work toward proving unit economics," a spokesperson for the home-grown social media platform said.

The spokesperson added that the employees let go by the tech firm will be given compensation packages, health benefits, and help in finding new jobs. According to the media reports, the recent layoffs come during a period of slow startup funding. The need to cut jobs to save costs has Koo opting for layoffs. The Tiger Global-backed platform had earlier offered to hire professionals laid off by global tech firms. Amazon Layoffs: E-Commerce Giant Continues Firing, Hands Over Pink Slips to Employees From Advertising Department.

Earlier, the Indian startup let go of its workforce of 260 people by firing 15% of employees in the past few months. During previous layoffs, the company had said the development was wholly aligned with the hiring and retrenchment industry standards. At the same time, Koo continues to hire talent in its monetisation, product and engineering teams. Biggest Layoffs 2023 in Tech Industry: Top Companies That Announced Job Cuts Impacting a Major Chunk of Their Workforce.

In the first quarter of 2023, major tech giants had to fire their staff. The names include Meta, Disney, Google, Amazon, Microsoft, Yahoo, and Zoom. The reason behind this is cited macroeconomic environment, cost cuts, and overhiring during the pandemic. A report stated that 84,714 employees were fired in January this year. While the number of employees losing their jobs in February and March was 36,491 and 37,109, respectively.

(The above story first appeared on LatestLY on Apr 20, 2023 02:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).