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ShareChat, an Indian social media platform, has also been laid off. On January 16, 2023, the Mohalla Tech-owned corporation announced the departure of around 20% of its personnel. The most recent round of ShareChat layoffs affected almost 400 employees.
The Economic Times was the first to report about ShareChat’s layoffs. According to this story, Mohalla Tech, the parent company of ShareChat and Moj, has laid off 500 people, or around 20% of its staff.
The fledgling business had lost roughly 100 staff by December 2022. Employees were notified of the layoffs by email, according to ET. Ankush Sachdeva, the CEO, informed staff of the layoffs.
“We are taking a very difficult decision today to part ways with around 20% of our talented FTEs to ensure the financial health and longevity of our company in the current uncertain macroeconomic environment,” stated Sachdeva in his email to employees.
After terminating workers, the CEO further indicated that more facts on their termination would be communicated to them on their personal email IDs as their access to the official ID and the firm’s Slack channels would be revoked for the “security of important corporate information.”
Employees affected by ShareChat layoffs will be able to keep their work assets, such as computers and mobile phones, for personal use. Employees who have been laid off will be allowed to cash in their unused leaves based on their gross compensation. In addition, they would be permitted to keep all stock options that vest on or before April 30, 2023.