ShareChat

ShareChat, a vernacular social media platform, is laying off approximately 5% of its workforce as part of its annual performance review cycle, affecting around 26-28 employees out of a total of 530-550. This marks the company's second round of layoffs in six months, following a similar 5% reduction in August 2024. Despite these cuts, the company's CFO stated that this is a routine bar-raising process to replace underperformers, not a cost-cutting exercise, and that ShareChat is actively hiring for key roles. The firm, which has raised about $1.3 billion from investors, reported improved financials with reduced losses and is nearing overall profitability. The layoffs reflect ongoing adjustments in the competitive social media industry.

ShareChat laid off 30 employees representing approximately 5% of its workforce on 2024-08-03.

ShareChat, operated by parent company Mohalla Tech, has laid off approximately 200 employees, representing 15% of its workforce, in a strategic restructuring announced in December 2023. This move is part of the company's annual planning for 2024, aimed at streamlining costs and achieving profitability within the next 4-6 quarters. The Indian social media unicorn, which includes platforms like ShareChat and Moj, had previously cut 500 jobs in January 2023 due to macroeconomic pressures. Despite raising significant funding, including $255 million in 2022 at a $5 billion valuation, ShareChat faces challenges with growing losses and is seeking additional capital at a reduced valuation. The layoffs reflect ongoing efforts to optimize operations in a competitive digital content industry.

Mohalla Tech, the parent company of social media platforms ShareChat and Moj, has laid off 500 employees, representing approximately 20% of its workforce. This decision, part of a broader restructuring, follows the recent shutdown of its fantasy gaming platform Jeet11, which led to 100 job cuts, bringing the total layoffs to 600. The company cited a need to reduce employee costs amid cautious investment sentiments and a challenging funding environment. Mohalla Tech, a Bengaluru-based content unicorn valued at $5 billion, reported a significant loss of INR 2,498.6 crore in FY22. Affected employees will receive severance packages including notice period pay, additional compensation, and extended benefits.

ShareChat laid off 100 employees on 2022-12-02.

ShareChat, a Bengaluru-based regional social media startup backed by Twitter, laid off 101 employees on May 20, 2020, representing about 25% of its workforce. The company cited an unpredictable advertising market severely impacted by the COVID-19 pandemic as the primary reason. Having only begun monetizing through ads in October 2019, ShareChat stated it needed to refocus on its core product and fundamental growth levers to sustain the business. The affected employees were offered support, including a "garden leave" option and professional resume-building assistance.