Mohalla Tech, the guardian entity of the vernacular social media platform ShareChat and brief video leisure app Moj, has laid off 200 of its workforce in a bid to streamline prices and obtain profitability throughout the subsequent four-six quarters.
The Bengaluru-based unicorn has diminished its group dimension by 15 per cent in a bid to streamline operations, improve productiveness, and place the corporate for sustainable progress.
- Additionally Learn: ShareChat lays off 20% of its workforce
The layoffs have impacted the start-up’s product features, and extra throughout different features, going by unverified posts on-line.
“ShareChat, in the present day, undertook a strategic restructuring as a part of its annual planning for the yr 2024. The choice displays the corporate’s dedication to streamlining its price base and reaching profitability throughout the subsequent 4-6 quarters,” mentioned the corporate in an announcement.
“In alignment with our strategic imaginative and prescient, the corporate undertook a complete restructuring effort to streamline operations, improve productiveness, and place the corporate for sustainable progress. Consequently, the organisation has moved to a flatter org construction and prioritised product initiatives that resulted in a discount in group sizes by roughly 15 per cent,” the assertion added.
Layoff in January
The layoff train got here nearly 11 months after ShareChat fired round 500 workers or about 20 per cent of its workforce.
- Additionally Learn: ShareChat’s two co-founders step down from lively roles
The retrenchments in January this yr got here on the again of ShareChat guardian Mohalla Tech shutting down its fantasy gaming platform Jeet11 in December 2022, which resulted in 100 workers dropping their jobs.
Based in 2015 by Singh, Ahsan and Ankush Sachdeva, ShareChat ventured into brief video format after the ban on TikTok in 2020. In June final yr, the corporate had raised $255 million from Google, Instances Group, and Temasek. The agency was valued at round $5 billion then.
The brief video unicorn has raised greater than $1.43 billion from traders so far.
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