My11Circle parent Games24x7 lays off 400 employees after real-money gaming ban: Report

India’s online gaming sector is facing its harshest reckoning yet.

Games24x7, the parent company of fantasy sports platform My11Circle, has started laying off about 400 employees, according to multiple media reports. The job cuts come in response to a government ban on real money gaming, which has upended business models and cast doubt on the future of one of India’s fastest-growing digital industries.

The company, which has raised funding from investors, including Tiger Global, The Raine Group and Malabar Investment Advisors, is restructuring operations and shifting toward free-to-play formats, which are less exposed to regulatory scrutiny. 

It remains unclear whether Games24x7 will join Head Digital Works, the operator of A23, in its legal challenge to the Promotion and Regulation of Online Gaming Act, 2025.

This marks the second round of job cuts in less than a year. In May, Games24x7 eliminated 180 roles after the Supreme Court began hearing arguments on the Goods and Services Tax regime for online gaming.

Despite strong revenue growth, the company has struggled to turn a profit. In fiscal 2023, it reported operating revenue of Rs 1,988 crore, a 70% jump from the prior year, but still posted a net loss of Rs 199 crore, narrower than the Rs 281 crore loss in fiscal 2022.

Games24x7’s move follows layoffs at rival Mobile Premier League. MPL’s parent, Galactus Funware Technology, is laying off about 60% of its India workforce after the government’s sweeping prohibition on paid fantasy sports, rummy, and poker.