New Delhi: Audio entertainment platform Pocket FM has axed around 50 employees, including full-timers and consultants, in a surprise move. The layoffs, touted as "performance-based," have sparked concerns among remaining staff and raised questions about the company's growth strategy.
Key Developments
Layoffs Across Functions: Writers, editors, production staff, and creatives were let go, with growth managers being the only exception.
No Prior Intimation: Former employees claim they received no warning or apology from top management.
Disputed Layoff Numbers: Insiders allege the actual number of layoffs is higher, including consultants.
Funding and Expansion: Pocket FM raised $103 million in Series D funding this year and plans to secure additional funding.
Company Response
Pocket FM attributed the layoffs to performance and project demands, stating, "These decisions are aligned with our current show pipeline." The company denied allegations that the layoffs were made to appease potential investors.
Employee Concerns
Remaining employees express fear about their future, with one stating, "The threat of termination looms."