Google and Temasek-sponsored Mohalla Tech Pvt. Ltd, which runs the social media platform ShareChat and brief video platform Moj, on Friday introduced the closure of its delusion gaming platform Jeet11, thus, shedding approximately 5% of its workforce.
ShareChat presently employs approximately 2,200 people throughout numerous roles.
“As a preferred enterprise practice, we periodically examine our strategies. We can verify that we’re ceasing operations of Jeet11 and feature reorganizing a few of our features, which supposed momentum of these skills inside workgroups and some worker exits. This procedure has impacted much less than 5% of our employees,” the social media corporation stated in a statement.
Going forward, Mohalla Tech plans to retain hiring throughout function and features to aid its growth, the organization stated.
This improvement comes after the organization, in June, raised $ seventy-eight million (approximately ₹633 crores) as a part of its Series H investment spherical at a valuation of approximately $4.9 billion from Google`s parental Alphabet and Temasek Holdings.
ShareChat was started with initial funding in 2015 via Farid Ahsan, Ankush Sachdeva, and Bhanu Pratap Singh. The corporation released Jeet11 in February 2020 to take at the famous delusion gaming platform Dream11, permitting customers to wager on cricket and soccer matches.
With Jeet11`s shutdown, ShareChat`s parental joins the various tech start-ups that have introduced worker layoffs in current weeks attributable to growing stress to optimize prices amid investment freezing and tough macroeconomic conditions.
Many other companies like Daily hunt, Unacademy, and Brainly are removing up to 10% of their workforce due to very tough market situations and exorbitant operational expenses. The condition is going to stay for some time as expected of the EdTech and software development Industrial scenario all across the globe for some years from now on.