Steaming platform Loco lays off 40 out of 110 employees

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Indian video game streaming platform Loco has reportedly laid off 40 employees. The amount equates to roughly 36 percent of Loco’s entire workforce totalling 110.

Founders Anirudh Pandita and Ashwin Suresh officially announced the lay-offs on Wednesday, November 29. They described the move as a part of restructuring in the company to further cut its manpower.

Confirming the news, Suresh, said to The Economic Times, “We’ve retained just enough people to pursue core functions. So now we won’t spend time pursuing non-core initiatives for the short term, like all kinds of experiments that we were previously doing.”

The company is known for broadcasting prominent esports tournaments and house players from teams like Global Esports, Revenant Esports, 8bit, and Godlike, to name a few. The platform garners huge number of views through the streams and events.

In addition to this, popular esports titles like Clash of Clans, Garena FreeFire and Call of Duty Mobile are also featured and made available to the users on the platform.

The decision to cut the manpower does come as a shocker, as the company is eyeing global expansion. Recently, gaming giant Krafton and venture firm Lumikai also showed faith in the company through strategic investments. In all, Loco raised over $50 million since last year to take its valuation to $200 million.

The founders further revealed that the numbers have only experienced an upside in the last couple of months. “Our metrics have grown significantly over the last two months thanks to the launch of our VIP programme as well as the Sky Championship 5.0 esports series,” Suresh added.

Loco also announced their own subnet for Web3 products and to further improve the user’s viewing experience. With this, the viewers will also be able to take part in fantasy sports consisting of their favourite streamers.