Page 4 - Ankush Sachdeva News Today

However, both cofounders-Bhanu Pratap Singh and Farid Ahsan will continue to remain a part of ShareChat’s board

By Aditya Kalra

ShareChat, the Indian social media startup backed by Google, Twitter, Tiger Global and Temasek, has laid off 20% of its workforce.

Homegrown social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff ...

Indian startups raised $24b last year, a third lesser than in 2021.

ShareChat Layoff: Social media platform ShareChat has let go of 20 percent of its staff, saying it needs to prepare the company to sustain "several external macro factors that impact the cost and availability of capital".

Valued at $5 billion, Bengaluru-based ShareChat has more than 2,200 employees and is spreading its team globally across India, the United States and Europe, according to its website.

Even as cold waves grip the national capital and surrounding areas, theres another winter thats majorly concerning the startup ecosystem -- the funding winter. Many homegrown startups are forced to lay off their employees because of a lack of funding. Bengaluru-based ShareChat (Mohalla Tech Pvt Ltd) has also laid off 20 per cent of its workforce citing uncertain market conditions. -- aaa

The Google-backed ShareChat's revenue from operations surged 4.3X to INR 346.9 Cr from INR INR 80 Cr in FY21

Varghese's engagement with the company lasted a little over two years.