With these changes, we aim to sail through the uncertain global economic conditions over 20 and come out stronger,” a company spokesperson added. At the same time, we are doubling down on our efforts behind advertising and live-streaming revenues. “The decision to reduce employee costs was taken after much deliberation and in light of the growing market consensus that investment sentiments will remain very cautious throughout this year. Health insurance policy benefits offered to the employees will remain in place until June-end and employees will be allowed to retain their work assets, such as their laptops, the company statement added. The affected employees will also be allowed to retain their ESOPs that vest up till April 30, 2023. This apart, the retrenched employees have been allowed to encash the current gross salary for their unused leave balance of up to 45 days. and 100% of variable pay till December 2022. The exit package offered by the company includes the total salary for the notice period, an additional two weeks’ pay as ex gratia for every year served with the company. Therefore, we’ve had to take some of the most difficult and painful decisions in our history as a company and had to let go of around 20% of our incredibly talented employees who have been with us in this start-up journey,” a statement issued by the company said. “Keeping these (external macro) factors in mind, we need to prepare the company to sustain through these headwinds. However, 99% of employees affected are in India. A spokesperson of the company confirmed that this amounts to about 500 job cuts out of a little over 2,200 employed across ShareChat’s offices in India, the US, and Europe. MohallaTech, that operates the social networking and regional content platform ShareChat and short-video app Moj, announced that it has laid off around 20% of its staff.

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