Domestic social media company Sharechat retrenched, removed so many employees from the company

Photo: File sharechat

domestic social media Company ShareChat (Mohalla Tech Pvt Ltd) has downsized less than 5 per cent of its workforce after shutting down its fantasy sports platform called Jeet11. The company confirmed this on Friday. Backed by Twitter, Google, Snap and Tiger Global, ShareChat has around 2,300 employees and the layoffs will affect over 100 people in the company, at a time when almost every tech firm is restructuring businesses to face the global economic crisis. Huh.

5 percent of the employees lost their jobs

A ShareChat spokesperson said, “As a standard practice, we evaluate our strategies from time to time. We can confirm that we are discontinuing the operations of Jeet11 and we have reorganized some of our functions. , which means that this talent will come within the teams and some employees will be fired. “This process has affected less than 5 percent of our employees,” the spokesperson said.

India’s largest social media company

ShareChat (Mohalla Tech Pvt Ltd) is India’s largest homegrown social media company with over 400 million monthly active users (MAUs) across all platforms. Founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, Sharechat was last valued at $5 billion and has social media brands such as the Sharechat app and Mauj under its portfolio. While the ShareChat app has over 180 million monthly active users, Mauj is the largest Indian short video platform with around 300 million people consuming content on the app every month.

Investment of many companies of the world

“We continue to focus on strong growth and hiring across a variety of functions and roles in line with our plans,” a company spokesperson said. To be successful as India’s fastest growing social media company, we regularly assess our strategy and make necessary changes to achieve our vision. Launched in 2020, ShareChat was ShareChat’s take on Jeet11, Dream11 and Mobile Premier League (MPL). In June this year, ShareChat completed a $520 million multi-tranche funding round, taking its valuation to $5 billion. In the funding round, the company raised $255 million from Google, Times Group and existing investors. Since 2021, ShareChat has cumulatively raised $1.2 billion and also acquired MX Takatak.

Latest Business News

Get the more latest news about Business