Indonesian news outlet DailySocial.id lays off whole staff amid major restructuring

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Indonesia-based DailySocial.id, a startup-focused news platform, has laid off all of its staff as part of a major restructuring of its business.

The tech media outlet made the announcement on April 1 this year, announcing that the employment of its whole workforce will be terminated by the end of this month, its CEO Rama Mamuaya confirmed to DealStreetAsia.

While the firm did not release the actual number of affected staff, there are 32 people associated with the the company on LinkedIn.

Mamuaya added that DailySocial.id will still be publishing content and will not be shutting down its entire operations, as there is still a team working at the firm, though it’s not clear whether these employees will also be leaving.

The company will share more information on the restructuring on May 2, the report noted.

The development follows a wave of layoffs in August last year – which affected 18 personnel – due to “the economic situation and tech downturn,” Mamuaya told Tech in Asia in a previous statement. At the time, the exec said the company was looking to achieve profitability by the end of this year.

The August 2023 layoffs came just months after the launch of DS/X Ventures, the firm’s investment unit that focuses on early-stage companies. The VC arm has invested in eight companies so far, according to its website.

DS/X was also looking to launch a second fund this year. It is unclear if the VC arm was affected by the current layoffs, though Mamuaya previously said that DailySocial.id had a separate and independent editorial team.

See also: Indonesian media outlet DailySocial.id lays off 18 employees