ShareChat, the Indian social media startup backed by Twitter, Google, Tiger Global and Temasek, has laid off 20% of its workforce — or over 400 employees — just a month after eliminating more than 100 roles.
The startup informed its employees about the decision on Monday morning. It deactivated access to accounts and wiped out all data of impacted employees, a person familiar with the development told TechCrunch.
In December, ShareChat laid off nearly 5% of its workforce of 2300 employees as a result of shutting down its fantasy sports platform Jeet11.
Informing the new decision to its employees, ShareChat CEO Ankush Sachdeva said in an internal note that the move was to “ensure the financial health and longevity” of the startup. The executive also noted that the startup “overestimated the mark …
