MarketingIN

ShareChat Layoffs

January 2023

ShareChat announced a layoff affecting 500 employees (20% of its workforce) in January 2023. The company operates in the Marketing sector.

People Affected

500

Percentage

20%

Announced Date

Jan 16, 2023

About

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.