After MPL and PokerBaazi parent, Games24x7 begins layoffs following govt ban on real-money games

Layoffs

Games24x7, which operates the online rummy platform Rummy Circle and fantasy sports platform My11Circle, has begun layoffs following the government’s blanket ban on real-money games, sources familiar with the matter told Moneycontrol.

This is Games24x7’s second round of job cuts in three months, after reportedly letting go of about 180 employees in May 2025. The startup employs around 700-750 employees. Moneycontrol has written to Games24x7 for comments and will update the copy once we hear back

This move comes on heels of Mobile Premier League (MPL) announcing that the company is significantly downsizing its India team. Sources said MPL could lay off around 60 to 80 percent of its India workforce, which currently stands at around 500 to 600 employees.

Nazara Technologies-backed Baazi Games (Moonshine Technology), which operates the online poker platform PokerBaazi, is also reducing its workforce by over 200 people, representing nearly 45 percent of its employees, Moneycontrol reported on September 1.

India's new online gaming law prohibits online money games, where a user makes a deposit, directly or indirectly, with the expectation of earning winnings on that deposit.

After Parliament gave its nod to the bill on August 22, real-money gaming companies, including Games24x7, suspended contests and games involving money on their platforms, though they continue to offer free-to-play options.

Founded in 2006 by Bhavin Pandya and Trivikraman Thampy, Games24x7 primarily made money from the platform fees it earns from players for allowing them to participate in tournaments or contests across its real-money gaming platforms.

The firm was last valued at $2.5 billion, when it raised $75 million funding led by Malabar Investment and participation from existing investors Tiger Global and Raine Group in March 2022. It claims to have more than 100 million users and has offices in Bengaluru, Mumbai, and New Delhi.

For the financial year 2023 (FY23), Games24x7's revenue from operations grew 70 percent to Rs 1,988 crore, from Rs 1,169 crore in FY22. Losses narrowed by 29.4 percent to Rs 199.5 crore in FY23, from Rs 282.4 crore loss in FY22.

In an earlier interaction with Moneycontrol, Pandya said the company's flagship online rummy business remains profitable, and that its losses are due to aggressive investments in My11Circle, the official partner of the Indian Premier League (IPL) until 2029.

"That's the area where there is a lot of room for growth...If we wanted, we could reduce our investments there and be profitable," he said.