This morning, ShareChat laid off twenty percent of it's entire staff. The laid off employees were locked out of their system and received the communication of their lay off in their personal email. This is the biggest layoff by ShareChat so far. Many of the features of the ShareChat and Moj app have been told to shut down and their entire team is fired. The employees are offered 45 days of severance pay, leave encashment, bonus and are allowed to keep their system with them.
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I got to know from a outside ( friend of company director ) they are planning for another round layoff Does anyone have any idea on this ?
Layoffs are happening at Sharechat starting today. Each division is being asked to join a call and they are being announced. First call with product org - around 50 folks were impacted
They moved to a new massive swanky Office 3 months ago. Team parities were happening even last week. And they do this...
50 only in tech and product. Apparently the plan is to let go of 15% to 20% workforce!
Why the fuck is it even valued at >1B dollars?