Vernacular social media platform ShareChatis allegedly laying off around 5% of its workforce, checking its moment circular of layoffs in the past six months.

In August 2024, ShareChat let go of 5% of its workforce as portion of its mid-year execution cycle. In 2023, the firm executed a few cost-cutting measures and sacked 700 workers over two phases.

According to Moneycontrol, which first detailed the news, ShareChat as of now utilizes between 530 and 550 individuals, and around 5% will be let go as portion of a yearly survey prepare set to conclude afterward this month.

In 2024, the Ankush Sachdeva-led firm raised $65 million in obligation over two tranches. ShareChat has raised around $1.3 billion from financial specialists counting Twitter (presently X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others.

In the final financial year, ShareChat's operational income expanded by 29.9% to Rs 718.1 crore from Rs 552.73 crore in FY23. With a decrease in costs and direct development in scale, the company's losses diminished by 41.4% to Rs 1,898.94 crore in FY24.

In 2024, the number of layoffs dropped essentially to 4,700 workers, a sharp diminish from the 24,000 cutbacks in 2023 and 20,000 in 2022. With funding recovery underway, cutbacks are anticipated to diminish encourage in the current calendar year.

source : entrackr.