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ShareChat cuts 5% jobs as part of performance review cycle

Entrackr · 5h

ShareChat cuts 5% jobs as part of performance review cycle Vernacular social media platform ShareChat is reportedly laying off about 5% of its workforce, marking its second round of layoffs in the past six months. In August 2024, ShareChat let go of 5% of its workforce as part of its mid-year performance cycle. In 2023, the firm implemented several cost-cutting measures and sacked 700 employees across two phases. According to Moneycontrol, which first reported the news, ShareChat currently employs between 530 and 550 people, and around 5% will be let go as part of an annual review process set to conclude later this month. Entrackr has reached out to ShareChat for comments. In 2024, the Ankush Sachdeva-led firm raised $65 million in debt across two tranches. ShareChat has raised around $1.3 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. In the last fiscal year, ShareChat's operational revenue increased by 29.9% to Rs 718.1 crore from Rs 552.73 crore in FY23. With a reduction in expenses and moderate growth in scale, the company's losses decreased by 41.4% to Rs 1,898.94 crore in FY24. In 2024, the number of layoffs dropped significantly to 4,700 employees, a sharp decrease from the 24,000 layoffs in 2023 and 20,000 in 2022. With funding recovery underway, layoffs are expected to decrease further in the current calendar year.