Kuku FM Lays Off 80–100 workers This Week As Part Of Reorganisation Effort
According to the reports, 300 workers, both on and off the roll, lost their jobs overall
According to a well-known media source Inc 42 Kuku FM has laid off 80–100 workers this week as part of a reorganisation effort.
Additionally, contracted staff were affected by the exercise. According to the reports, 300 workers, both on and off the roll, lost their jobs overall. The exercise had the biggest effect on the content team, which consists of authors and producers.
According to the sources, there may have been even more workers laid off throughout the exercise.
They said that Kuku FM implemented the layoffs in order to save expenses. For content creation, the startup will probably use artificial intelligence (AI).
Calls and messages to cofounder Lal Chand Bisu were not returned, but Kuku FM declined to comment on the restructuring effort.
In the fiscal year 2023–2024 (FY24), Kuku FM's income more than doubled to INR 88 Cr from INR 41.1 Cr in the prior fiscal year. From INR 116 Cr in FY23, its loss decreased by 18% to INR 96 Cr.
While its content development costs more than tripled to INR 11.2 Cr, its marketing expenditures increased 37% year over year to INR 48 Cr.
Nearly a year has passed since the business raised $25 million in its Series C fundraising round, which was co-led by International Finance Corporation and The Fundamentum Partnership and included Vertex Ventures.
By the way, the reorganisation was carried out about a month after Pocket FM, a rival of Kuku FM, laid off employees.
According to reports, Pocket FM fired about 50 workers worldwide in a variety of roles. Earlier this year, Pocket FM had let go of almost 200 journalists working in the United States.
