ShareChat shuts down fantasy sports platform Jeet11, lays off 5% of employees
As per the statement to e4m, it has reorganised its functions and moved some of the employees within teams
Indian social media startup ShareChat has shut down its fantasy sports platform Jeet11 laying off some employees.
The company reportedly sent an email to its affected employees last month. Jeet11 was launched in 2020.
Confirming the development, a ShareChat spokesperson told e4m, “As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganized some of our functions, which meant the movement of this talent within teams and a few employee exits. This process has impacted less than 5% of our employees.”
We continue to focus on robust growth and hiring across various functions and roles as per our plans, the spokesperson added.
He further stated, “To succeed as India’s fastest-growing social media company, we assess our strategy regularly and make necessary changes to achieve our vision.”
The startup has a total workforce of around 2,300 employees. That means the collapse of the platform has impacted over 100 people.
