Mumbai-based start-up Pocket Aces has laid off 25% of its workforce. Pocket Aces runs popular channels like Gobble and FilterCopy on various social media platforms such as YouTube. This decision is taken by the company as a cost-cutting measure. 50 personnel from the production, post-production and content departments have been affected by the development. The business added that it is attempting to create a new operating model that would enable it to rely on freelancers for long-form content.
Aditi Shrivastava, the CEO of Pocket Aces, said, “It has been a tough decision to part with some of our talented team members and friends. However, we must continue to innovate our operating models, as this is the only way to ensure that we remain agile with changing audience preferences.”
She added, “We deeply care about the people leaving us and will provide them with financial support, ongoing health insurance coverage, and help with their transition. We will also continue to work with many of them as freelancers and assist others with outplacements.”
Pocket Aces, which was established in 2013, also runs the gaming software Loco and the talent management platform Clout which manages over 100 digital actors and influences. It also handles a number of YouTube channels, including Filtercopy, Dice Media, Nutshell, and Gobble. On YouTube, it has 8.9 million subscribers, and on Clout, 8.5 million users.
Pocket Aces has raised $20 million in investment since it was founded. Its most recent round saw the company get $17 million in debt financing from Stride Ventures in January 2021. Other investors supporting the business include Infosys, Sequoia Capital, North Base Media, 3One4 Capital, and DSP Group. The business anticipates reaching profitability in the fiscal year (FY) 2024.
