Social media unicorn ShareChat lays off 200 employees to reduce costs

Social media unicorn ShareChat has laid off 200 employees, around 15 per cent of its workforce, in another round of layoffs this year to reduce costs and achieve profitability within the next six quarters.

In January, Mohalla Tech Pvt Ltd, the parent company of platforms ShareChat and Moj, fired 500 employees, 20 per cent of its workforce. The same month, company co-founders Bhanu Pratap Singh and Farid Ahsan also stepped down from executive roles.

“ShareChat, today undertook a strategic restructuring as part of its annual planning for the year 2024. The decision reflects the company’s commitment to streamlining its cost base and achieving profitability within the next 4-6 quarters,” said the company on December 20.