Homegrown social media company ShareChat, owned by Mohalla Tech Pvt Ltd, has shut down its fantasy sports platform named Jeet11 and laid off around five per cent of its employees. ShareChat is backed by tech giants like Twitter, Google, Snap and Tiger Global and has around 2,300 employees. According to reports, the layoffs have affected more than 100 people in the company. Launched in 2020, Jeet11 was ShareChat’s take on Dream11 and Mobile Premier League (MPL).
A ShareChat spokesperson told IANS that the move is part of a periodic evaluation of the company’s strategies. “We can confirm that we are ceasing operations at Jeet11 and have restructured some of our operations, which has meant bringing in this talent within the teams and exiting some employees. ”
ShareChat is one of the largest homegrown social media companies in India with over 400 million monthly active users (MAUs) across all platforms.
ShareChat was founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan. It was last valued at $5 billion and has social media brands such as Sharechat app and Moj under its portfolio. While the ShareChat app has over 180 million monthly active users, Moj is the largest Indian short video platform with around 300 million people consuming content every month on its app.
The company said, “We continue to focus on driving strong growth and hiring across various functions and roles in line with our plans. To succeed as India’s fastest growing social media company, we will continue to execute our strategy.” Regularly assess and make changes as necessary to achieve your vision.” The spokesman further said.
In June this year, ShareChat completed a multi-tranche funding round of $520 million, taking its valuation to $5 billion. In the funding round, the company raised $255 million from Google, Times Group and existing investors. Since 2021, ShareChat has cumulatively raised $1.2 billion and also acquired MX TakaTak.
(With IANS inputs)