India's ShareChat, a short video-sharing platform backed by Google and Temasek, said on Monday it let go of around 20% of its employees, as startups face increasing pressure from investors to cut costs.
ShareChat and stock graph are displayed in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/Illustration/Filesand Temasek, said on Monday it let go of around 20% of its employees, as startups face increasing pressure from investors to cut costs.
Indian startups raised $24 billion last year, a third lesser than in 2021, according to Venture Intelligence. ShareChat also said it had over the last six months "aggressively optimised costs" across its business including in marketing and infrastructure. Valued at $5 billion, Bengaluru-based ShareChat has more than 2,200 employees and is spreading its team globally across India, the United States and Europe, according to its website.
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