Times Internet has laid off 5% of its workforce, quantifying to roughly around 100 people.
The company said this step has been taken in order to “streamline” its operations.
In a statement, Times Internet said, “All affected employees are receiving full severance irrespective of tenure or contract with the company.”
Sources close to the development told BestMediaInfo.com that more lay-offs can take place in the near future.
The statement further read, “Whilst it is difficult to part with talented colleagues and friends, this one-time exercise is also the right and necessary decision towards building a strong and sustainable business.”
Times Internet is the digital arm of Times Group (Bennett Coleman and Company Ltd or BCCL).
After the division of BCCL between the two brothers and promoters - Samir Jain and Vineet Jain, Times Internet went to Samir Jain.
Now TIL is run by Satyan Gajwani, Vice-Chairman at the company.
Last year, Times Internet sold some of its businesses like Dineout to Swiggy, MX TakaTak to ShareChat and MensXP and iDiva to Mensa.
As per reports, the company was in talks to sell its OTT app MX Player to Amazon Prime Video, but the deal was called off.