ShareChat lays off 15% of its workforce
Nearly 200 employees fired in second such exercise this year
Social media unicorn ShareChat has reportedly fired 200 employees. This amounts to around 15 percent of its workforce, according to the company.
“ShareChat today undertook a strategic restructuring as part of its annual planning for the year 2024. The decision reflects the company's commitment to streamlining its cost base and achieving profitability within the next four-six quarters,” the company said in a statement.
“As a result, the organization has moved to a flatter org structure and prioritized product initiatives that resulted in a reduction in team sizes by roughly 15 percent. ShareChat remains committed to its core values and the well-being of its employees throughout this process,” it mentioned.
This is the second time in this year that the company has laid off employees. Earlier it had handed out pink slips to 600 employees.
Last month, Mohalla Tech, the owner of social media platform ShareChat and short video platform Moj, posted losses of Rs 5,144 crore for FY23. The company’s expenses, stood at Rs 5,862 crore. The revenue stood at Rs 718.75 crore for the financial year ending March 31, 2023.
