ShareChat announces layoffs, fires 20% employees in latest job cuts

Google-backed social media company ShareChat announced layoffs on Monday. The company confirmed the layoffs and said there were “several external macro factors impacting cost and capital availability.” ShareChat is valued at $5 billion and has more than 2,200 employees.


Premiering January 16, 2023 at 5:20 PM (IST)

The tech sector is going through a difficult time. The industry has experienced significant layoffs in the last year, and it looks like things could be the same or worse in 2023. Amazon layoffs have already begun and many Indians are affected. Following Amazon, his social media platform ShareChat announced his 20% workforce reduction.

Google-backed social networking platform ShareChat announced its layoffs on Monday. Formal confirmation of the layoffs came from the company, which cited “many external macro variables affecting costs and capital availability.” Rumor has it that a recent wave of layoffs at ShareChat and its short-video app Moj is expected to lead to the layoffs of some 500 employees.

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A company representative said, “We have had to make the hardest and most painful decisions in our history as a company, and we’re going to miss about 20 of the incredibly talented people who have been with us in this startup. I had to let go of %.Journey.”

Severance pay for hundreds of affected employees has been disclosed by ShareChat. According to the corporation, the severance package includes the employee’s full earnings during the notice period, two weeks’ salary for each year of employment, full variable pay until December 2022, and health benefits effective until June 2023. Includes insurance.

In addition, affected employees will have until April 30 to discontinue use of workplace assets, such as workplace computers, employee stock option plans (ESOPs), and up to 45 days of unused leave balance paid at current wages. Partial retention is allowed. , 2023.

READ ALSO | “Employee Cries and Collapses in Office”: Amazon Indian employee shares layoff

Last Updated Jan 16, 2023 5:20 PM IST

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