Another layoff at ShareChat: This time 600 employees were laid off

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- Also last month, Mohalla Tech laid off 100 employees while shutting down fantasy gaming platform Jeet11.

New delhi date. 16 January 2023, Monday

India's social media platform ShareChat has retrenched once again. First, it shut down its fantasy gaming platform and laid off 5% of its workforce. Now once again layoffs have been announced. This time around 600 employees have been retrenched. According to the information received, this layoff involves employees who were non-performers. The company's CEO held a town hall in which fears were expressed that a tough decision could be made going forward.

Mohalla Tech Pvt Ltd, the company that owns social media platforms like ShareChat and Moj, has cut its workforce by 20%. Meaning, the company has laid off 600 employees. Currently, it is not clear in which department this retrenchment has been done. Last month too, Mohalla Tech laid off 100 employees while shutting down fantasy gaming platform Jeet11.

"We have had to make some of the most difficult and painful decisions in our history as a company and let go of approximately 20% of our incredibly talented employees who have been with us on this startup journey," a ShareChat spokesperson said in a statement confirming the layoffs. The spokesperson further said that the decision to reduce personnel costs has been taken very carefully.

Sharechat believes that, looking at the market, one has to be very cautious in investing this year. The company will try to double the revenue through live streaming and advertising. The dismissed employees, on the other hand, will get their full notice period pay, two weeks' pay for every year they have been associated with the company and 100% payment of variable pay until December 2022.


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