India, Jan. 30 -- Delhi NCR-based gaming startup Zupee is laying off around 200 employees, almost 40% of its workforce, sources told Inc42.

The layoffs are a part of a cost-cutting exercise following the ban on real money gaming and were announced today during a town hall by cofounder and CEO Dilsher Singh Malhi.

Confirming the development, Zupee told Inc42 in a statement, "As the company sharpens its focus on core growth areas including culturally-rooted online social games and emerging content formats, certain roles have been restructured, impacting approximately 200 employees across a few teams."

The impacted employees, besides their contractual notice period, will be offered additional financial support linked to years of service, ...