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ShareChat is in final stages of deliberations to secure about $50 million in new funding that trims the startup's valuation to below $1.5 billion, according to two sources familiar with the matter. Existing backers including Temasek and Tencent are among the investors in advanced stages of talks to invest in the new round, the sources said, requesting anonymity as the matter is private. ShareChat has had discussions with several potential new investors this year, but many have balked at the opportunity due to ShareChat's high valuation expectations relative to their currently low revenue, according to one of the potential investors with whom the startup engaged. ....
The move comes after the company laid off around 600 employees in a similar cost-cutting move earlier this year, as co-founders Bhanu Pratap Singh and Farid Ahsan stepped down from their executive roles ....
New Delhi: Social media platform ShareChat has laid off 200 employees, or about 15 per cent of its workforce, as part of strategic restructuring. Mohalla ....