New Delhi, November 30: Game streaming platform Loco has laid off about 36 per cent of its workforce, or 40 employees, from its total staff strength of 110. The company stated that it made this decision to focus on a lower cost structure, reports Moneycontrol.

"We recently launched Loco VIP programme, which is a transaction-based program which has done well. And as we were reviewing our strategy, we decided to focus on transactions and thought that this is a structure that is sustainable. We want to focus on core objectives like monetisation. This led to people losing jobs. It is not performance-based," Anirudh Pandita, Founder, Loco, was quoted as saying. Elon Musk's SpaceX Buys Space Parachute Maker 'Pioneer Aerospace' for USD 2.2 Million: Report.

“We deeply care about the people leaving us and will provide them with financial support, ongoing health insurance, and outplacement services. The reorganisation will impact about 40 people from our team, and we remain grateful to them for their contribution towards Loco’s journey,” he added.

People in other support departments such as marketing and technology who were supporting engagement-led initiatives were the most impacted. The layoff has also affected other departments such as finance and other teams, the report mentioned. Happy Birthday, ChatGPT! OpenAI’s Generative AI Chatbot Turns One Year Old Since Its Official Release on November 30, 2022.

The founder said that the company has provided severance pay to all employees who have been laid off for a period of 60 days. He further stated that no further layoffs are planned by the organisation. The game streaming platform secured a Rs 330 crore ($42 million) investment last year led by Hashed, with participation from Makers Fund, Catamaran Ventures and Korea Investment Partners.

(The above story first appeared on LatestLY on Nov 30, 2023 06:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).