ShareChat is a social networking and regional content platform. The company announced its layoff recently in that 400 employees were affected. which means 20% workforce from their overall headcount.
The startup informed its employees about the decision on Monday morning. It deactivated access to accounts and wiped out all data of impacted employees, a person familiar with the development told TechCrunch.
In December, ShareChat laid off nearly 5% of its workforce of 2300 employees as a result of shutting down its fantasy sports platform Jeet11. 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. 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 were first reported by the Indian newspaper Economic Times.
