Quick News Bit

India’s homegrown social media company ShareChat lays off 20 pc of its workforce

0

IANS

New Delhi, January 16

Homegrown social media company ShareChat (Mohalla Tech Pvt Ltd) has laid off 20 per cent of its workforce due to uncertain market conditions.

Backed by Twitter, Google, Snap and Tiger Global, ShareChat has about 2,300 employees, and the layoff will impact about 500 people at the company, according to reports.

“We are taking a very difficult decision today to part ways with around 20 per cent of our talented FTEs (full-time employees) to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment,” said Ankush Sachdeva in a note to the employees.

“In hindsight, we overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze,” he added.

In addition, the company also announced a financial package for the affected employees.

The compensation package includes a payout for the notice period as well as an additional 15 days of monthly gross salary for each completed year of full-time service.

Moreover, the CEO’s note specifies a 100 per cent pro-rated bonus through December 31, 2022, as well as any unpaid bonuses as of the last working day.

In December 2022, ShareChat laid off less than 5 per cent of its employees after it shut down its fantasy sports platform called Jeet11.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment