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Digital gaming company Games24X7 has started the process to lay off around 70 per cent or around 500 employees, following the government's ban on all forms of money-based online games, sources aware of the development said. An email query sent to the company elicited no reply. "There were around 700 to 750 employees at Games24X7. The company is now laying off around 70 per cent of them. Around 500 people may be impacted," a source aware of the development said. The lay-off information was also confirmed by a company staff member who said "the majority of employees" are being laid off, but could not mention the exact number of people to be impacted. Several companies that were engaged in the real-money gaming business have started laying off the majority of their staff. The Promotion and Regulation of Online Gaming Act, 2025, passed by Parliament on August 21, bars all forms of online money games while promoting e-sports and other online games. The Act seeks to prohibit advertise
South Korean gaming giant KRAFTON -- the name behind popular esports title Battlegrounds Mobile India (BGMI) -- is actively looking to invest and acquire in India, which is among its top five markets globally and where mobile-first gaming culture, rapid smartphone adoption, and a young, tech-savvy population are driving prospects of steady growth in online gaming. KRAFTON India CEO, Sean Hyunil Sohn sees the gaming industry here becoming much more sizable and impactful, and asserts the company would not be tied down to fixed investment limits for this "promising" market. KRAFTON has already invested USD 200 million in the country. Reflecting on India's regulatory landscape and past challenges faced by KRAFTON, he highlighted the company's positive outlook on regulations. Sean said India's approach to norms are supported by defined processes, constructive feedback, and a calibrated approach before actual implementation of guidelines. "We want to double down on gaming and its ...
A stable policy that spurs investments and job creation, alongside a more rational and progressive taxation regime, tops the Budget wishlist of online gaming companies, according to E-Gaming Federation Anuraag Saxena. His comments assume significance as the Directorate General of GST Intelligence's (DGGI) tax demands totalling Rs 1.12 lakh crore against online gaming companies, over the past many months, spooked the industry, although the Supreme Court's recent stay on showcause notices issued by GST authorities has provided a breather. Saxena said a slew of measures suggested by the industry can "turbocharge" the sector. The online gaming industry is also keen on playing a bigger role in participating in initiatives that involve and educate people about various government schemes through online educational games. "We need policy clarity and policy stability, which is what both domestic investors and foreign investors look for," Saxena said. The e-gaming industry is also pitching
Gaming and sports media firm Nazara Technologies' board has approved five investments worth Rs 196 crore, including 100 per cent acquisition of stake in Sportskeeda owner firm Absolute Sports, the company said in a regulatory filing on Monday. Of the total Rs 196 crore, Nazara will invest Rs 148 crore in existing subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz, to increase its ownership in them and support their growth. The company will invest Rs 69 crore to purchase shares arising from exercise of ESOPs from the Sportskeeda management to increase its stake to 100 per cent in the company, making it a wholly owned subsidiary. Nazara Technologies board approved investment of Rs 64 crore in its subsidiary Nodwin Gaming. The investment will be done through subscription of optionally convertible preference shares. The funds will support Nodwin's expansion, enhance its intellectual properties (IPs), and strengthen its footprint in emerging markets, according to the ...
The online gaming space in India needs a uniform legal framework, evidence-based policy interventions, and an important equilibrium between user protection and the industry's economic potential, a recent report has said. The Gujarat National Law University (GNLU) on Wednesday released the "Evaluating Blanket Bans and Mandatory Limits in Gaming" report, calling for regulations on the online gaming industry. With over 500 million gamers, India is the second-largest market globally after China, the report said. "This rapid expansion, as with any emerging technology, has brought forth challenges, particularly concerning user safety and financial risks. The absence of an overarching regulation has left users in a grey zone," it said. The report studied international frameworks and noted that unlike India, nearly all jurisdictions have established licensing processes and enforced a duty of care for gaming operators. "India should adopt a regulatory framework that mandates operators to