Bengaluru-based sports fantasy Unicorn Mobile Premier League (MPL) has joined the list of firms that have shown the door to many of their employees. Sequoia Capital-backed MPL has laid off 10% of its team, or 100 employees, and decided to exit Indonesia.
Esports and Skrill gaming app MPL is also phasing out its streaming product on the app.
In an email to employees, MPL co-founders Sai Srinivas and Shubh Malhotra said, “The past few months have been crazy. The philosophy of development at all costs has now reversed. The market is now rewarding profitable growth rather than growth at all costs.”
“It is imperative that we as a company respond to this change and respond swiftly. We have always said that the market is flowing like a river – you can’t fight it, you have to line up at the bottom,” According to email, vCircle,
Earlier today, venture capital-backed edtech firm Frontero laid off about 30% of its workforce, or 145 full-time and contract employees, primarily from the sales department.
Reports say FrontRow has fired employees to increase efficiency and lengthen its runway. The company said most of the layoffs were from sales and business development teams.
During the last five months, Indian startups have reportedly laid off over 6,000 employees. Estimating the same, Archit Garg, co-founder of Glamyo Health, has estimated the startup layoffs to be around 10 times the current number of around 60,000.
Some of the popular start-ups in India, including Unacademy, Cars24, Vedanta, Meesho, Trell, Furlenco and many more, laid off more than 5000 employees in India.
Most of the employees fired by the firms claimed that they were asked to leave without any prior notice.