EXCLUSIVE: My11Circle parent Games24x7 begins layoffs, 400 jobs on the line
In May 2025, Games24x7 had cut around 180 jobs, citing over-hiring during the period when the Supreme Court was deliberating the Goods and Services Tax (GST) matter concerning online gaming.
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India’s online gaming sector is undergoing massive upheaval as leading player My11Circle parent Games24x7 initated large-scale layoffs, amid mounting regulatory uncertainty and financial strain. Around 400 employees of the organization will be impacted.
On Monday, Games24x7, the parent company of fantasy sports platform My11Circle, began laying off employees, multiple sources confirmed to Storyboard18. The company is expected to retain a section of its workforce as it pivots toward the free-to-play gaming segment, a space seen as less vulnerable to regulatory hurdles. However, it is still unclear if Games24x7 will align with Head Digital Works, operator of A23, in the ongoing legal battle against the Promotion and Regulation of Online Gaming Act, 2025.
The company is yet to release an official statement around the matter.
This is the second round of layoffs for the company in less than a year. In May 2025, Games24x7 had cut around 180 jobs, citing over-hiring during the period when the Supreme Court was deliberating the Goods and Services Tax (GST) matter concerning online gaming.
Backed by marquee investors including Tiger Global Management, The Raine Group, and Malabar Investment Advisors, Games24x7 has been under financial pressure despite scaling revenues. In FY23, the company posted operating revenue of ₹1,988 crore, up 70% from the previous year. However, it recorded a net loss of ₹199 crore, an improvement from a loss of ₹281 crore in FY22.
Meanwhile, MPL’s parent company Galactus Funware Technology Pvt. Ltd. has executed one of the largest job cuts in the sector, letting go nearly 600–700 employees — close to its entire workforce in India. Sources said the layoffs were triggered by the government’s blanket ban on real-money gaming operations.
A small group of MPL employees is expected to be relocated overseas, primarily to the United States, where the company is doubling down on its gaming strategy. The layoffs in India, however, span key departments including marketing, finance, legal, policy, and product development.
The sweeping job cuts across two of the country’s most prominent gaming operators underline the deepening crisis facing India’s real-money gaming sector. With companies reeling from the double impact of stringent regulations and financial losses, the industry’s focus appears to be shifting toward international markets and free-to-play formats.
As legal battles unfold and the government pushes ahead with its regulatory framework, the future of India’s once high-growth online gaming sector hangs in the balance.
