After laying off nearly 120 employees last week, Times Internet Ltd (TIL), the digital arm of media conglomerate BCCL, is reportedly handing pink slips to more employees over the next few days.

“The company continues to downsize to cut losses and over 200 more people may be affected this time. All departmental heads have been asked to trim their teams as much as possible. HODs are having a really tough time deciding who to retain and who to lay off,” an insider told e4m.

While those who are sacked belong to all verticals, those who are in the middle management, especially those who have been hired over the last three years, have been most affected, insiders claimed.

The official added, “What is worse is that people are being sacked without any notice or assigning any valid reasons though the company is offering a three-month severance package.”

Themassive layoff exercise at TIL, which is believed to be India’s largest digital media company, has sent shock waves among the staff across the verticals. “Amid such a situation, there is no job security among employees. We have already started looking for jobs outside. Any job, in any company, anywhere,” said a distressed staffer.

“When Vice Chairman Satyen Gajwani came to India and held a town hall on October 11 at the Noida office, he hinted about financial struggles and how TIL was not even able to break even despite selling off a lot of businesses. He is also believed to have mentioned that the company would take stock of the situation in March 2024,” a staffer said.

It is noteworthy that the firm has reported adecline in online advertising revenue in FY23as its losses widened to Rs 490 crore from Rs 341 crore a year before.

Insiders say the company’s financials have worsened this fiscal year compared to the last fiscal, hence another round of layoffs has become inevitable by the end of this financial year. The company’s OTT platforms MX Player and Gaana have incurred losses.

e4m reached out to TIL to understand the reasons behind the layoffs and the number of employees who would be affected and are likely to be laid off in this financial year. The company’s response is awaited.