Employees across departments were impacted by the layoffs, sources said
A spokesperson of Times Internet confirmed the development and said streamlining operations will result in 5% reduction in workforce
All affected employees are receiving full severance irrespective of tenure or contract with the company, the spokesperson said
The ongoing downturn in the tech world seems to have hit Times Internet now, as the digital arm of the Times Group has laid off over 100 employees in a cost-cutting exercise, sources told Inc42.
Employees across departments were impacted by the layoffs, the sources said.
A spokesperson of Times Internet confirmed the development with Inc42.
“Streamlining our operations will result in reducing about 5% of our workforce, each of whom has made important contributions. All affected employees are receiving full severance irrespective of tenure or contract with the company. 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,” the spokesperson said.
Times Internet is part of media conglomerate Bennett, Coleman and Company Limited, which owns The Times of India, Navbharat Times, The Economic Times, among others. Times Internet’s portfolio includes the websites of The Times of India, Navbharat Times, The Economic Times, sports portal Cricbuzz, Indiatimes, Gaana, personal finance platform ETMoney, real estate company Magicbricks, among others.
Times Internet has also been offloading some of its properties lately. Last year, it sold its dining and online restaurant booking platform Dineout to food delivery giant Swiggy. It also sold its short video platform MX TakaTak to ShareChat in the same year. Later in the year, Times Internet sold MensXP, iDiva to Mensa Brands.
Earlier this year, it was reported that Times Internet may sell its streaming service MX Player, which it acquired in 2018 for $144 Mn, to Amazon Prime Video.
The latest development comes at a time when the ongoing funding winter has hit startups and tech companies hard. Since the onset of the funding winter in 2022, nearly 29,000 employees have been laid off by Indian startups, according to Inc42’s layoff tracker. An estimated 10,046 employees have been fired by 63 startups so far this year.
Times Internet’s standalone net loss surged 8.4X to INR 341.04 Cr in FY22 from INR 40.53 Cr in FY21. Revenue rose 1.3X to INR 1,599.77 Cr from INR 1,204.11 Cr in the previous fiscal year.
The latest development comes a few months after it was widely reported that the Jain brothers – Samir and Vineet Jain, the promoters of BCCL, signed a memorandum of understanding (MoU) to split the Times Group. As per the reports, while Samir Jain would control the entire print division, including The Times of India, The Economic Times, Navbharat Times and Vijay Karnataka, along with their online editions, Vineet Jain would get the digital, TV and entertainment business.
