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.

“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 was the first to report about a 15-20% layoff at ShareChat, earlier in the day. The online news site had also reported that ShareChat is set to raise $50 million in new funding, but at a valuation below $1.5 billion. ShareChat did not respond to ET’s requests for comments on the developments.

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

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.