Indian game streaming platform Loco has laid off about 40 employees, which constitutes 36% of its total workforce.
While several elite startups, including Byju's, have laid off a significant number of employees, citing cost-cutting measures and goals of achieving profitability, Anirudh Pandita and Ashwin Suresh have explained similar reasons.
The founders said that the layoffs at Loco are not based on performance but are part of the company's restructuring plan, focusing on transaction-based monetization and a leaner cost structure to ensure long-term sustainability.
The startup said it is now pivoting towards core objectives, primarily monetization. The shift includes the discontinuation of non-core initiatives and experiments.
Additionally, Loco is eyeing expansion into international markets, including West Asian and Latin American countries, despite not officially announcing its entry into these regions.
Loco's founders said the company will support the laid-off employees by providing financial assistance, ongoing health insurance, and outplacement services.
They also asserted that the company has no immediate plans for further layoffs and is focusing on enhancing its VIP program and monetization opportunities.
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