India’s homegrown social media company ShareChat lays off 20 pc of its workforce : The Tribune India

India’s homegrown social media company ShareChat lays off 20 pc of its workforce

ShareChat has about 2,300 employees, and the layoff will impact about 500 people at the company, according to reports

India’s homegrown social media company ShareChat lays off 20 pc of its workforce

Photo for representation. Reuters



IANS

New Delhi, January 16

Homegrown social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.

Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff will impact about 500 people at the company, according to reports.

"We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment," said Ankush Sachdeva in a note to the employees.

"In hindsight, we overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze," he added.

In addition, the company also announced a financial package for the affected employees.

The compensation package includes a payout for the notice period as well as an additional 15 days of monthly gross salary for each completed year of full-time service.

Moreover, the CEO's note specifies a 100 per cent pro-rated bonus through December 31, 2022, as well as any unpaid bonuses as of the last working day.

In December 2022, ShareChat laid off less than 5 per cent of its employees after it shut down its fantasy sports platform called Jeet11.

Tribune Shorts


Top News

Inflation in India expected to come down to 5 per cent in 2023 and 4 per cent in 2024: IMF

Inflation in India expected to come down to 5 per cent in 2023 and 4 per cent in 2024: IMF

According to the World Economic Outlook update, about 84 per...

Hindu temple vandalised in Canada’s Brampton

Hindu temple vandalised in Canada’s Brampton

Three Hindu temples were targeted in Australia with anti-Ind...

Session set for stormy start, Opposition calls for debate on Adani, BBC series, Governors

Session set for stormy start, Opposition calls for debate on Adani, BBC series, Governors

27 outfits attend all-party meeting | Flag 14 discussion poi...


Cities

View All