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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, there's another winter that's 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.