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ShareChat, The Indian social media company backed by Twitter, Google, Tiger Global and Temasek, has cut more than 20% of their staff, which is over 400 workers, within one month after cutting more than 100 jobs.
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The company informed its employees of their decision on the morning of Monday.
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It disabled access to accounts and flushed out all information of affected employees, a source who was aware of the issue said to TechCrunch.
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The month of December was when ShareChat cut nearly 5 per cent of its workforce of 2300 employees as a consequence of closing down its sports fantasy platform Jeet11.
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Informing the decision's new owners and workers, ShareChat CEO Ankush Sachdeva wrote in an internal memo that the move was meant to "ensure the long-term health and financial stability" of the company.
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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.”
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The layoff and note were first revealed by the Indian paper Economic Times.
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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.”