sharechat layoffs: ShareChat lays off about 200 employees across verticals

Vernacular social media platform ShareChat on Wednesday said it has laid off 15% of its staff in a bid to streamline costs and achieve profitability within the next 4-6 quarters.

The 15% headcount translates to about 200 employees at the company, which is backed by the likes of Google and Temasek Holdings.

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“In alignment with our strategic vision, the company undertook a comprehensive restructuring effort to streamline operations, enhance productivity, and position the company for sustainable growth,” a ShareChat spokesperson told ET in response to a query on the layoffs.

TechCrunch reported about layoffs earlier in the day. Citing sources, the report also said that ShareChat is looking to raise $50 million in a new funding round at a lower valuation of below $1.5 billion.

The staff cull has impacted over 50 roles in the Bengaluru-based startup’s product functions, and more across other functions, going by unverified posts online.

This is a developing story. More to follow

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