Audio series startup PocketFM has let go of 75 employees as it looks to trim costs and attain profitability.
Moneycontrol was the first to report on the matter.
In a statement sent to YourStory, a spokesperson for PocketFM said, “As part of our commitment to building a more efficient and profitable organisation, we have made the difficult decision to part ways with close to 75 of our valued team members. This step, while challenging, was necessary to ensure the long-term sustainability and success of our organization. We deeply appreciate the contributions of those affected and are committed to supporting them through this transition.”
In November, the company reported a 77.5% decline in net loss to Rs 15.7 crore in FY24, compared to Rs 68.71 crore in FY23. For the same period, it also reported a two-fold rise in revenue for the period.
However, the company has been struggling with rising expenses and saw employee benefit expenses as a rising factor during the period.
This is not the first round of layoffs at the company. Last year, the company let go of about 200 writers and 50 employees in its ongoing efforts to trim costs and become profitable.
The company had also raised $103 million in Series D funding last year in a round led by Lightspeed. It had planned to use the funding to further expand its services in the United States as well as its expansion into Europe and Latin America.
The company’s peer Kuku FM had also recently let go of 100 employees to cut costs, according to an Inc42 report.
