5/13/2023 0 Comments Sharechat xTherefore, we’ve had to take some of the most difficult and painful decisions in our history as a company and had to let go of around 20% of our incredibly talented employees who have been with us in this start-up journey.” “Keeping these factors in mind, we need to prepare the company to sustain through these headwinds. However, even as we continue to keep growing, there have been several external macro factors that impact the cost and availability of capital,” the spokesperson said. “Since our launch eight years ago, ShareChat and our short video app Moj have seen incredible growth. In a statement shared with TechCrunch, a ShareChat spokesperson confirmed the layoff and said that the decision was taken “after much deliberation and in light of the growing market consensus that investment sentiments will remain very cautious throughout this year.” The executive also noted that the startup “overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze.” The note and layoff was first reported by Indian newspaper Economic Times. Informing the new decision to its employees, ShareChat CEO Ankush Sachdeva said in an internal note that the move was to “ensure the financial health and longevity” of the startup. In December, ShareChat laid off nearly 5% of its workforce of 2300 employees as a result of shutting down its fantasy sports platform Jeet11. ![]() It deactivated access to accounts and wiped out all data of impacted employees, a person familiar with the development told TechCrunch. ![]() The startup informed its employees about the decision on Monday morning. ShareChat, the Indian social media startup backed by Twitter, Google, Tiger Global and Temasek, has laid off 20% of its workforce - or over 400 employees - just a month after eliminating more than 100 roles.
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