Key Points

In a statement, the company said that like many others in the sector, Gameskraft is navigating this new regulatory landscape and grappling with a rapidly shifting business reality.

"The implications of this legislation are complex, far-reaching, and have had an immediate and profound impact on the sector and Gameskraft. In the spirit of transparency, we want to share that despite our best efforts, the current regulatory landscape has made us completely stop our business and has left us with no choice but to initiate a company-wide restructuring," the company noted.

After careful deliberation, as part of this restructuring, "we will be, as of now, letting go of about 120 Krafters across teams and functions, a decision we make with a very heavy heart. As the business continues to evolve in response to external realities, further structural changes may be required," it added.

Group health insurance cover will remain active until March 2026, or until an individual joins a new employer, whichever is earlier.

"This has been one of the most difficult decisions in Gameskraft's journey. Every single Krafter has played a meaningful role in shaping who we are, and we are deeply grateful for their contributions, passion, and belief in our mission," said Prithvi Singh, Founder and CEO, Gameskraft.

Looking ahead, Gameskraft said it will continue to assess and adapt as new realities unfold.

Last week, online gaming company Zupee said it will lay off 170 employees, about 30 per cent of its workforce, after the government passed a Bill banning online games involving money in August.

Zupee joins other real-money games (RMG) companies like Games24x7, Baazi Games and Mobile Premier League that have sacked employees after the ban.

The law has banned online money games that require users to make deposits with the expectation of winning money.

- IANS