Layoffs At ShareChat: Social Media Company Cuts 5% Of Workforce
December 4, 2022: “As a standard business practice, we periodically evaluate our strategies. We can confirm that we are shutting down Jeet11 operations and reorganizing some of our functions, which means this movement of talent across teams and the exit of a few employees.
This process has affected less than 5 percent of our workforce,” said ShareChat parent Mohalla Tech. Indian startups alone have laid off as many as 16,000 employees since the start of this year, according to industry estimates.
From Byju’s, Vedanta to VerSe Innovations, the list of companies laying off employees is growing and Mohalla Tech is the latest entrant.
Mohalla Tech, parent of homegrown social media platform ShareChat and short-video platform Moj, has laid off about 5 percent of its workforce. It has also shut down fantasy gaming platform Jeet11.
The Bengaluru-based company has a workforce of over 2,200 people across verticals. “As a standard business practice, we periodically evaluate our strategies.
We can confirm that we are shutting down Jeet11 operations and reorganizing some of our functions, which means this movement of talent across teams and the exit of a few employees.
This process has affected less than 5 percent of our workforce,” Mohalla Tech said in a statement. Notably, the layoffs at ShareChat come five months after the company announced a $255 million funding round from a host of marquee investors including Google, Times Group and Temasek, according to Business Today.
The round valued the startup at $5 billion, making it one of the most valuable start-ups in the country. In its statement, Mohalla Tech said it continues to focus on strong growth and recruitment across functions and roles in line with our plans.
To succeed as India’s fastest growing social media company, we regularly evaluate our strategy and make necessary changes to achieve our vision.
Just recently, DailyHunt parent VerSe Innovations laid off 5 percent of its 3,000 employees. VerSe Innovations is also the parent firm of short video app Josh.
Months after the company raised $805 million at a $5 billion valuation, the annualized Rs. It also announced to reduce the salary of employees earning 10 lakhs or more.
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