
ShareChat parent lays off 20% employees to cut costs
Around 500 employees could be affected due to the lay offs; Mohalla Tech says as capital becomes expensive, it needs to prioritise bets.
Around 500 employees could be affected due to the lay offs; Mohalla Tech says as capital becomes expensive, it needs to prioritise bets.
Mohalla Tech, the parent company of Moj and ShareChat, saw its income rise four-fold to ₹419 crore in FY22, but its expenses also surged two times to ₹3,407 cr.
ShareChat has raised a total of $913 million in the year 2021, which is the highest funding among all companies that became unicorns during the year.
The combined Moj-MX TakaTak platform will have 100 million creators, over 300 million monthly active users and nearly 250 billion monthly video views.
This is the third investment garnered by the startup in the current year, taking its 2021 fund tally to a staggering $913 million.
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