ShareChat, a popular Indian social media platform that is backed by Google, has announced that it is cutting 20% of its workforce. This move is a major setback for the company and the Indian social media scene.
ShareChat has been one of the fastest-growing social media platforms in India, with over 160 million monthly active users. The platform has been popular among the non-English speaking population in India and has been expanding rapidly in recent years. However, the company has now announced that it is cutting 20% of its workforce, which is equivalent to around 200 employees.
The company stated that the decision was made due to the economic impact of the COVID-19 pandemic and the need to focus on profitability. ShareChat‘s revenues have been hit hard by the pandemic, and the company has been forced to make difficult decisions to stay afloat.
This move is a major setback for the Indian social media scene, as ShareChat was one of the most promising platforms in the country. The company had a unique proposition of catering to the non-English speaking population in India and had been expanding rapidly in recent years. The company’s decision to cut 20% of its workforce is likely to slow down its growth and could even put its future in jeopardy.
Additionally, the move is also likely to have a negative impact on the Indian startup ecosystem. ShareChat was one of the most well-funded startups in the country and was seen as a role model for other startups. The company’s decision to cut 20% of its workforce is likely to discourage other startups and could even lead to a slowdown in the startup ecosystem.
This move also raises questions about the future of the Indian social media scene. ShareChat’s decision to cut 20% of its workforce is likely to slow down its growth and could even put its future in jeopardy. This is a major setback for the Indian social media scene, and it will be interesting to see how the company and the industry as a whole will recover from this setback.
In conclusion, ShareChat’s decision to cut 20% of its workforce is a major setback for the company and the Indian social media scene. The company’s unique proposition of catering to the non-English speaking population in India and its rapid expansion in recent years made it a promising platform in the country. However, the economic impact of the COVID-