Game Streaming Platform Loco Lays Off 36% Workforce

Loco, a gaming company, has laid off 40 of its 110 employees as part of a strategic review of its operations. Loco Founder Anirudh Pandita confirmed the news on Thursday. The laid-off employees made up 36 per cent of the company's total workforce.

According to Pandita, no industry is immune to global turbulence. He cited a strategic review of the previous quarter regarding platform transactions and the percentage of paid users, which is higher than the global average, but advertising was lacking. Pandita also stressed the importance of being cost-effective in the current financial cycle and global market. 

Pandita denied that investor pressure or poor performance were factors in the layoffs. He clarified that the decision was made after a company review last week and affected roles in engagement-based services and advertising.

The company has taken steps to assist those who have been affected. Loco, according to Pandita, will provide financial support, severance pay, insurance and emotional support to help them transition smoothly. Last year, the company cut marketing costs and is now focusing on making its technology and employee cost structure more efficient.