ShareChat has laid off 101 employees owing to “the global pandemic” ad “various local market uncertainties”, a company spokesperson confirmed to MediaNama. This means, the company which had 392 employees earlier this month, has laid off 25.7% of its workforce. The Economic Times first reported this. Ankush Sachdeva, co-founder and CEO, reportedly sent out an email to employees earlier this morning and mentioned “unpredictable” advertising market. “The company will provide a comprehensive severance package and extend assistance to the impacted associates with their outplacement support,” the spokesperson said, but refused to provide any details.
In August 2019, the company had raised $100 million in a round of funding led by Twitter. Since its launch in 2015, ShareChat has raised $222.8 million. Farid Ahsan, the co-founder and COO, did not take our calls, and we are still awaiting a response to our message.