In a second round of layoffs this year, ShareChat terminated 200 employees, constituting approximately 15% of its workforce.
The company said that the trimming of the workforce is part of its cost-cutting measures.
The Mohalla Tech platform said in a statement, “ShareChat today undertook a strategic restructuring as part of its annual planning for the year 2024. The decision reflects the company's commitment to streamlining its cost base and achieving profitability within the next four-six quarters.”
“As a result, the organisation has moved to a flatter org structure and prioritised product initiatives that resulted in a reduction in team sizes by roughly 15%,” the statement further read.
The decision follows the company's earlier cost-cutting move, which involved laying off approximately 600 employees earlier this year.
Just a month ago, Udit Sharma, who previously held the position of Chief Revenue Officer at ShareChat, resigned. Today, One Impression, the influencer marketing platform, has officially welcomed him as their Chief Business Officer.
The parent company of ShareChat and Moj, witnessed a staggering 72.13% increase in losses on a YoY basis, rising from Rs 2988.6 crore in FY22 to Rs 5144.2 crore in FY23.
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