ShareChat lays off 20% of its workforce because of unsure market situations

New Delhi, Jan 16 Homegrown social media firm ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce because of unsure market situations.

Backed by Twitter, Google, Snap and Tiger International, ShareChat has about 2,300 staff, and the layoff will influence about 500 individuals on the firm, in response to experiences.

“We’re taking a really tough determination at this time to half methods with round 20 per cent of our gifted FTEs (full-time staff) to make sure the monetary well being and longevity of our firm within the present unsure macroeconomic setting,” mentioned Ankush Sachdeva in a notice to the workers.

“In hindsight, we overestimated the market progress within the highs of 2021 and underestimated the length and depth of the worldwide liquidity squeeze,” he added.

As well as, the corporate additionally introduced a monetary bundle for the affected staff.

The compensation bundle features a payout for the discover interval in addition to an extra 15 days of month-to-month gross wage for every accomplished yr of full-time service.

Furthermore, the CEO’s notice specifies a 100 per cent pro-rated bonus by means of December 31, 2022, in addition to any unpaid bonuses as of the final working day.

In December 2022, ShareChat laid off lower than 5 per cent of its staff after it shut down its fantasy sports activities platform known as Jeet11.

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