Due to the fear of recession, many big tech companies of the world are laying off employees. In this episode, India’s domestic social media company ShareChat (Mohalla Tech Pvt Ltd) has shut down its fantasy sports platform called Jeet11 and fired 5 percent of its employees.
The company has confirmed this on Friday. Sharechat has around 2,200 employees and more than 100 people have been affected by this layoff. The Google and Temasek-backed unicorn said it will continue to hire across all roles and functions.
Told the layoffs as standard business practice
Mohalla Tech said in a statement, “As a standard business practice, we evaluate our strategies from time to time. We confirm that we are ceasing operations of JIT11 and we have reorganized some of our functions, which will mean some talent movements within teams and some staff exits. This process has affected less than 5% of our employees.”
Please tell that ShareChat was founded in 2015 by Farid Ahsan, Ankush Sachdeva and Bhanu Pratap Singh. It launched Jeet11 in February 2020 to compete with popular fantasy gaming platform Dream11, which allowed users to bet on cricket and football matches.
In the last few days, many tech startups have reduced employees due to funding freeze due to a challenging economy. Earlier this week, news aggregation unicorn Dailyhunt and short video platform Josh’s parent firm VerSe Innovation Pvt. Ltd had laid off 5% of its 3,000-strong workforce.
Last month, SoftBank-backed edtech unicorn Unacademy laid off 10 per cent of its workforce, or around 350 people, in its third round of layoffs within a year, signaling challenges ahead for the edtech sector.
