ShareChat lays off 20% of its workforce
The move comes shortly after parent company Mohalla Tech's decision to shut down its fantasy gaming platform Jeet11 in December 2022
In the latest spate of firings from the tech industry, ShareChat has announced its decision to let go of 20% (close to 600 employees) of its workforce as part of its cost-cutting exercise. The company announced through an internal mail that the layoffs were carried out to help the company sustain "several external macro factors that impact the cost and availability of capital."
The tech company said that the decision to lay off 20% of its "incredibly talented employees" was one of "the most difficult and painful decisions" in its history.
It added that expensive capital has forced companies like ShareChat to solely "prioritise their bets and invest in the highest-impact projects."
The move comes shortly after Mohalla Tech shut down its fantasy gaming platform Jeet11 in December 2022, when 100 of its employees were let off.
As per the company communique, the severance package will comprise salary for the notice period, two weeks' salary for every year served at ShareChat, payment of full variable till December 2022 and health insurance cover, which will remain active till June 2023.
