The Indian social media company ShareChat, funded by industry leaders such as Twitter, Google, Tiger Global, and Temasek, has now let off 20% of its staff.
ShareChat Layoff Staff Letter
On Monday, the company notified its staff of the decision. A source close to the situation informed TechCrunch that the company had disabled account access and deleted any data belonging to affected employees.
Because of the collapse of Jeet11, a fantasy sports website, ShareChat had to lay off approximately 5% of the total staff.
The CEO of ShareChat, Ankush Sachdeva informed the staff in an email “ensure the financial health and longevity” of ShareChat, they have “overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze.” according to Economic Times.