Startup company Pocket Aces reduces its headcount by 25%
Mumbai based Pocket Aces has laid off 50 of its 200, or 25% full time employees in order to reduce expenses, and turn a profit in the upcoming year.
“As we continue to march towards our vision of becoming culture creators that positively influence people via our content and products, we had to take some difficult but necessary steps to keep our operating model agile and resilient,” the company’s spokesperson said.
The online entertainment provider claimed to be modernizing its business strategy by relying more on independent contractors to produce long-form content. The Economic Times broke the news of the development first. Employees in the company’s production, post-production, and content departments will be laid off.
“It has been a tough decision to part with some of our talented team members and friends. However, we must continue to innovate our operating models, as this is the only way to ensure that we remain agile with changing audience preferences,” Aditi Shrivastava, Co-Founder and CEO of Pocket Aces, said in response to this development.
“We deeply care about the people leaving us and will provide them with financial support, ongoing health insurance coverage, and help with their transition. We will also continue to work with many of them as freelancers and assist others with outplacements,” she added.
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