ShareChat, one of India’s leading social media platforms, has recently announced that it will be laying off 500 employees. The company, headquartered in Bengaluru, cited economic difficulties as the primary reason for these layoffs. According to a report by Inc42, the company’s parent organization, Moj, has also been affected by the economic slowdown, which has led to a reduction in its workforce.
ShareChat was founded in 2015 by Ankush Sachdeva, Bhanu Singh, and Farid Ahsan. The platform was created to provide a space for users to share content in local Indian languages, something that other social media platforms were not catering to at the time. The platform’s popularity grew quickly, and today it boasts over 160 million downloads on the Google Play Store.
The company has raised over $1.7 billion in funding to date, with its latest round being a Series H funding in October 2021. The funding round saw the company raise a whopping $600 million, which it plans to use for further expansion and strategic acquisitions.
However, despite its impressive funding and market presence, ShareChat has not been immune to the economic slowdown that has affected several industries globally. As a result, the company has been forced to make tough decisions, with one of them being the recent layoffs.
The 500 employees who have been affected by the layoffs make up roughly 20% of ShareChat’s total workforce. The impact of these layoffs will be felt across the organization, with employees across departments and levels being affected. This news has come as a shock to many employees, who have expressed their disappointment at the decision.
In a statement, ShareChat’s management said, “This has been a tough decision, but it was necessary to ensure the long-term growth and sustainability of the company. We remain committed to creating value for our users and stakeholders and will continue to work towards that goal.”
Several stakeholders in the company have expressed their condolences to those affected by the layoffs and have assured them that the company will extend all possible support to help them through this difficult time.
In conclusion, ShareChat’s decision to lay off 500 employees has come as a shock to many. The company, which has been a market leader in the social media space, has been forced to take this step due to economic difficulties. While this news is unfortunate, the company remains committed to its users and stakeholders and will continue to work towards its long-term goals.