Introduction:
ShareChat is a Bengaluru-based startup that allows users to share content, including videos, images, and messages, in their native language. The platform has gained immense popularity in India, with over 100 million monthly active users. ShareChat has been able to leverage its localization capabilities to gain a massive following, particularly among users in Tier II and III cities.
History
Founded in 2015 by Ankush Sachdeva, Bhanu Singh, and Farid Ahsan, ShareChat has grown rapidly over the years. The company started as a content-sharing platform but soon pivoted to focus on regional languages. The founders realized that most Indians were more comfortable communicating in their native languages rather than in English.
Funding and Investors:
ShareChat has raised over $222 million in funding to date, including a recent Series D round led by Lightspeed Ventures. Other investors in the company include Shunwei Capital, Xiaomi, and Twitter. The company’s valuation has risen to over $2 billion following its latest funding round.
Performance
ShareChat has seen remarkable growth over the years, thanks in large part to its focus on regional languages. The platform now supports 15 languages, including Hindi, Telugu, and Punjabi. The company has also launched several sub-brands such as Moj and Koo, catering to specific user needs.
Reasons for Layoffs:
Like most companies, ShareChat has not been immune to the economic impact of the COVID-19 pandemic. The advertising market, in particular, has been hit hard, with many companies cutting back on their spend. As a result, ShareChat had to lay off 101 employees in May 2020. This represented 25% of its workforce.
Statement from ShareChat:
In a statement, ShareChat’s founder Ankush Sachdeva said, “We are saddened to have to let go of some of our team members, but it was necessary to ensure the long-term health and success of the company. We remain committed to our mission of enabling people to communicate in their native languages and will continue to invest in our platform to deliver the best user experience.”
Conclusion:
In conclusion, ShareChat has shown tremendous growth over the years, thanks to its focus on regional languages. However, like all companies, it has faced challenges, particularly during these uncertain times. Nevertheless, ShareChat remains committed to its mission, and we can expect to see it continue to innovate and grow in the coming years.
