A major real-money stakes-based gaming operator, Mobile Premier League (MPL) has laid off 100 employees, or 10% of the workforce.
The company has claimed that it has over 9 crore users on its platform and offers more than 60 online games such as Fantasy Cricket, Rummy, and Speed Chess with real cash prizes in paid tournaments and 1V1 games.
The startup’s founders, Sai Srinivas and Shubh Malhotra, were quoted as citing market conditions globally as a reason for the cutback — the real money gaming app, which has escaped classification as a gambling for legal reasons, is part of the few categories among Indian unicorn startups that actually make profits. However, MPL in particular booked losses of almost Rs 400 crore in FY21.
Employees impacted by the layoffs will reportedly receive severance and an option to hold on to their employee stock option (ESOPs) for a decade.
MPL is headquartered in Bengaluru, with offices in New York and Singapore. The Jakarta office is likely to shutter soon. The company has decided to pull out of the Indonesian market. An email to employees confirming the developments on the layoffs.
The celebrity-focused online learning and community platform FrontRow has laid off 145 employees, or 30 percent of its total workforce through an E-Mail.
According to reports, FrontRow has laid off employees to increase efficiencies and lengthen its runway and is due to a capital crunch creeping into the market. The layoff has been reported by the sales and business development teams.
Earlier many companies like Unacademy, Cars24, Vedanta, Meesho, Trell, Furlenco and many others laid off more than 5,000 employees in India.
Also, Ola laid off about 2,100 employees in the January-March quarter this year, followed by Unacademy (over 600), Cars24 (600), and Vedantu (400). The commerce firm Meesho laid off 150 employees, and Furlenco 200.
