Digital entertainment platform Pocket Aces Pictures has laid off 50 employees or about 20 per cent of its workforce citing corporate restructuring drive. Pocket Aces Pictures has joined the long list of Indian startups that have been reducing their headcount as a cost-cutting measure.
Pocket Aces intends to shift to a freelance-heavy operating model for long-form content. According to the official statement, it is focusing on a creator-led Instagram-first model for short-form content.
Pocket Aces was founded in 2013 by Anirudh Pandita, Aditi Shrivastava, and Ashwin Suresh. It conceptualises, creates, and distributes written and video content, including web series, via its social media and online channels - Dice Media, FilterCopy, Gobble, Nutshell, and Clout.
Pocket Aces' brands compete with over-the-top (OTT) platform The Viral Fever and mobile e-sports platform Mobile Premier League. Pocket Aces raised USD 3 million in a round led by venture capital firm Sequoia Capital India in 2016. North Base Media, Aarin Capital, 3one4 Capital, and Axilor Ventures were among those who contributed to the fundraising.
With this announcement, the digital entertainment startup joins a long list of Indian startups that have laid off employees for a variety of reasons such as cost-cutting, corporate restructuring, or performance-based layoffs since 2022.