ShareChat cuts 200 jobs, company terms it “streamlining cost base” – Times of India

ShareChat cuts 200 jobs, company terms it "streamlining cost base" - Times of India

Social media platform Share chat Another 200 jobs have been cut. That number is about 15 percent of its workforce as part of a strategic restructuring. In a statement, Neighborhood TechThe parent company of share chat and short video entertainment app Moj said the decision reflects the company’s commitment to streamline its cost base and achieve profitability in the next 4-6 quarters.
Mohalla Tech saw a loss of over 38% to Rs 4,064 crore during FY23 compared to Rs 2,941 crore in FY22. It grew its income from operations by 62% from Rs 332.69 crore to Rs 540.21 crore in FY22.
Share chat on job cuts
“ShareChat today launched a strategic restructuring as part of its annual plan for 2024,” a company spokesperson said in a statement.
“In alignment with our strategic vision, the company undertook a comprehensive restructuring to streamline operations, increase productivity, and position the company for sustainable growth,” the company said.
As a result, “the organization has moved to a flatter organization structure and prioritized product initiatives resulting in a reduction in team size by approximately 15 percent”, the spokesperson added.
In the final stages of raising funds
ShareChat is reportedly in the final stages of raising about $50 million, bringing its valuation below $1.5 billion. According to a TechCrunch report, citing sources, the company’s existing investors including Temasek and Tencent are reportedly among the top investors in talks for the new round.

Reorganization of ShareChat,Sorting of share chat,ShareChat job cuts,Share chat,Neighborhood Tech
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