ShareChat’s valuation cut to $1.5 bn, lays off 200 employees: Reports

ShareChat has laid off 200 employees after the social networking company’s valuation was cut from $4.9 billion last year to $1.5 billion, said a report by the Economic Times (ET).

With layoffs, the company is aiming to streamline costs and achieve profitability in the next 4-6 quarters. According to a report by TechCrunch, Google and Tamasek-backed ShareChat is in the final stages of securing $50 million in new funding but its valuation has been cut. Data from the intelligence platform Tracxn shows that the eight-year-old company has raised $1.4 billion yet.