Zupee fires 30% of its workforce after real-money gaming ban
What's the story
Leading Indian gaming platform, Zupee, has announced the layoff of 170 employees or nearly 30% of its total workforce. The decision comes in the wake of a blanket ban on real-money gaming in India. "This has been a tough call for us, but was necessary to adapt to the new regulatory framework," said CEO Dilsher Singh Malhi.
Employee assistance
Comprehensive support for transitioning employees
In his statement, Malhi emphasized the company's commitment to supporting its employees during this transition. He said, "We are providing comprehensive support to help our colleagues step seamlessly and with confidence into their next roles." The company will offer additional financial assistance based on years of service, which could mean up to six months of financial support for some employees.
Health benefits
Medical support fund launched for departing employees
Zupee has also promised to keep employee health insurance coverage active for its full term, even after they leave the company. To provide additional security to its employees, the company has set up a ₹1 crore medical support fund. This is part of their effort to ensure that departing employees are taken care of during this difficult transition period.
Job search support
Dedicated team to help find new job opportunities
Zupee is forming a dedicated team to work with industry stakeholders and find new job opportunities for the affected employees. They will be given priority for re-hiring once new roles become available.
Business adaptation
Zupee's journey and future plans
Founded in 2018 by Malhi and Siddhant Saurabh, Zupee specializes in board games like Ludo and Snakes and Ladders. After the real-money gaming ban, the company announced plans to diversify its portfolio with ad-supported online social games. "Our vision of reimagining social gaming and entertainment that connects with our cultural heritage remains unchanged," Malhi said.