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ShareChat lays off 200 employees, valuation halved in last one year
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₹28,300 crore in the company's valuation. ShareChat, backed by Google and Tamasek, is in the final stages of securing $50 million in new funding to regain lost valuation, according to reports from TechCrunch.
The company has amassed a total of $1.4 billion in funding thus far. In 2023, ShareChat faced challenges, including a significant workforce reduction of around 25%.
Its parent company, Mohalla Tech, also shuttered Jeet11, its fantasy gaming subsidiary, resulting in the loss of jobs for 100 employees. The co-founders of ShareChat, Bhanu Pratap Singh and Farid Ahsan, stepped down from their roles in January 2023, eroding investor confidence as the company grapples with fundraising difficulties.
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