Pocket Aces, a digital entertainment company that owns brands like Dice Media, Filter Copy, Loco, and Gobble, has laid off 50 employees from a total workforce of 200 employees in a bid to reduce costs and achieve profitability.
The development comes when several technology companies and Indian startups are laying off their employees as raising funds is getting harder and facing pressure from investors to reduce costs and focus on profitability.
The affected employees are from the company’s content, production and post-production teams.
CEO Aditi Shrivastava told ET that the company will continue to engage some of the affected employees on a freelance basis for web series and film content creation while helping others with outplacements. She also said that the company will help the impacted employees with financial support and health insurance coverage.