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ShareChat Layoffs 2023: Social Media unicorn ShareChat laid off 200 employees in 2nd round of layoffs this year.
 

ShareChat Layoffs 2023: ShareChat cuts 200 jobs; valuation slashed to $1.5 billion: Reports

ShareChat cuts 200 jobs; valuation slashed to $1.5 billion: Reports

<h2>Earlier in January, the company downsized by 20%, affecting around 500 workers. Concurrently, co-founders Bhanu Pratap Singh and Farid Ahsan stepped down from executive roles</h2>

ShareChat Layoffs 2023: Social networking company Sharechat's valuation has been slashed from $4.9 billion earlier to below $1.5 billion as per Techcrunch.&nbsp;
Sharechat is in the midst of raising $50 million funding at this lowered valuation. Backed by Google and Tamasek, ShareChat has amassed $1.4 billion in funding over the past eight years.
<h3>ShareChat 2nd Round of Layoffs 2023</h3>
Meanwhile, in a second round of layoffs this year, the loss-making startup has let go of about 200 employees, that's 15% of its workforce. The layoffs aim to streamline expenses, targeting profitability within the next 4-6 quarters.
Earlier in January, the company downsized by 20%, affecting around 500 workers. Concurrently, co-founders Bhanu Pratap Singh and Farid Ahsan stepped down from executive roles.
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Investors include Tiger Global, Snap, Twitter, Lightspeed, SAIF Partners (now Elevation Capital), and industry leaders like Pawan Munjal and Ajay Shridhar Shriram. Previously valued at $1 billion, earning unicorn status in 2021, ShareChat raised $913 million, the highest funding among 2021's newly minted unicorns.
However, despite launching new initiatives, such as a fantasy sports app and live audio chat service, its profitability remains a challenge. In the financial year ending March 31, revenue remained below $65 million.
With a workforce of 2,200 before January's layoffs, the current round is expected to reduce employee numbers to approximately 1,500.

As the Indian short video market experience massive growth, vernacular social media start-up ShareChat raise nearly $300 million from Alphabet Inc's Google, media giant Times Group and Singapore's Temasek Holdings. 
Following the funding, the valuation the social media firm at nearly $5 billion. 
This is Google's second key investment in India's short video space, having previously backed Josh, which competes with ShareChat's sister firm Moj.
ShareChat currently has 180 million monthly active users. Moj, along with Mohalla's recently acquired MX TakaTak, has a combined user base of 300 million, according to one of the sources.
ShareChat was last valued at $3.7 billion in a $266 million funding round from investors including Alkeon Capital and Temasek.  
Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.

Google backs India's ShareChat in $300 mn funding round

ShareChat raises $300 million, Google backs funding 

Short video apps like Moj and Josh shot up in popularity after India in 2020 banned ByteDance's TikTok and some other Chinese apps following a border clash with China

ShareChat&nbsp;has raised nearly $300 million in a fresh funding round and has got marquee backers ranging from&nbsp;Alphabet Inc's Google, media giant Times Group and Singapore's Temasek Holdings.&nbsp;Following the funding, the valuation the parent company, Mohalla Tech valued&nbsp;nearly $5 billion.&nbsp; According to reports,&nbsp;ShareChat&nbsp;currently has 180 million monthly active users. Moj, along with Mohalla's recently acquired MX TakaTak, has a combined user base of 300 million.&nbsp; ShareChat&nbsp;was last valued at $3.7 billion in a $266 million&nbsp;funding&nbsp;round from investors including Alkeon Capital and Temasek.&nbsp;&nbsp;
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This is Google's second key investment in India's short video space, having previously backed Josh, which competes with ShareChat's sister firm Moj.
 Evolution of Short-Video Industry
Indian short-video apps have become popular since New Delhi banned ByteDance's TikTok and some other Chinese apps in 2020 following an India-China border clash.
The market is predicted to grow to 650 million users by 2025, according to a new report by Bain &amp; Company.

ShareChat could buy MX TakaTak, the Times Internet-owned short video platform, in a $600-million deal.
Reports mentioned that the deal will be a combination of cash and stock.
MX TakaTak will be rebranded in roughly six months and the target for the closure of the deal was end of the month, reports said.
The move is expected to strengthen ShareChat’s short video play through the platform, Moj. With the acquisition, Moj (160 million monthly active users), and MX TakaTak (150 million), together will have a combined active user base of over 300 million. Its local competitor Josh has over 115 million MAUs.

ShareChat to takeover MX TakaTak for $600 million

ShareChat could buy short video platform MX TakaTak in a $600-million deal.

ShareChat to buy MX TakaTak

ShareChat will have a combined active user base of over 300 million.

ShareChat&nbsp;in big move&nbsp;bought out Times Internet-owned&nbsp;short video app&nbsp;MX TakaTak, creating&nbsp;India&rsquo;s largest short-video platform. The two released a statement regarding the 'strategic merger' but did not disclose the price.&nbsp; Reports indicate&nbsp;MX Media, the parent firm of MX Player and MX TakaTak, and its shareholders are becoming strategic holders in ShareChat&rsquo;s parent firm Mohalla Tech. The size of the deal is about $700 million as per reports and it includes both cash and equity.&nbsp;MX TakaTak will be rebranded&nbsp;in roughly six months.&nbsp; 
The move is expected to strengthen ShareChat&rsquo;s short video play through the platform, Moj. With the acquisition, Moj (160 million monthly active users), and MX TakaTak (150 million), together will have a combined active user base of over 300 million. Its local competitor Josh has over 115 million MAUs.

Social media platform Sharechat's&nbsp;parent firm Mohalla&nbsp;Tech is now valued at $3 billion after raising an additional $145 million in its Series F funding.
The Twitter-backed startup&nbsp;has concluded its $650 million Series F round, raising additional capital from Temasek, Moore Strategic Ventures and&nbsp;Mirae.
Earlier in April, the Bengaluru-based firm had raised $502 million in a round led by Tiger Global at a valuation of $2.1 billion.

Funding Alert! ShareChat raises $145 mln from Temasek, valued nearly at $3 billion

Funding boost for content creation. Indian social platform ShareChat&nbsp;raises $145 million at a valuation of nearly $3 billion.&nbsp;

Sharchat's parent Mohalla now valued at $3 billion

Social media platform Sharechat's&nbsp;parent firm Mohalla&nbsp;Tech is now valued at $3 billion after raising an additional $145 million in its Series F funding.
The Twitter-backed startup&nbsp;has concluded its $650 million Series F round, raising additional capital from Temasek, Moore Strategic Ventures and&nbsp;Mirae.
Earlier in April, the Bengaluru-based firm had raised $502 million in a round led by Tiger Global at a valuation of $2.1 billion.

The Twitter-backed startup&nbsp;has concluded its $650 million Series F round

Indian social media platform Sharechat&nbsp;is now&nbsp;valued nearly at $3 billion after raising an additional $145 million led by Temasek.&nbsp;
The Twitter-backed startup&nbsp;has concluded its $650 million Series F round, raising additional capital from Temasek, Moore Strategic Ventures and&nbsp;Mirae.
Earlier in April, the Bengaluru-based firm had raised $502 million in a round led by Tiger Global at a valuation of $2.1 billion. The funding for Indian content-sharing and short-video apps has gone up significantly since last year after&nbsp;ByteDance's TikTok&nbsp;was banned in the country.&nbsp;ShareChat&nbsp;&nbsp;has now raised over $911 million to date,&nbsp; ShareChat allows users to post content in 15 Indian languages.

The Indian startup&nbsp;ecosystem is on a roll as we get two more names adding to the list of unicorns this week. Sharechat&nbsp;owner Mohalla&nbsp;tech and messaging platform Gupshup&nbsp;crossed the $1-billion-valuation-mark on Thursday after the latest round of fundings.
Mohalla Tech&nbsp;raised $502 million in a funding round led by Lightspeed Ventures and Tiger Global, pushing the startup&rsquo;s valuation to $2.1 billion.&nbsp;Gupshup&nbsp;achieved the coveted label after raising $100 million from Tiger Global, increasing its valuation ten-fold to $1.4 billion.
With these two names, India adds a total of six unicorns within this week.
&nbsp;
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Sharechat, Gupshup join unicorn club

The unicorns come riding in&nbsp;Sharechat, Gupshup&nbsp;join the billion dollar club as funding continues to pour in.&nbsp;10 companies have crossed&nbsp;the $1-billion valuation mark this year. Six of them have turned unicorns in just one week.&nbsp;

The Indian startup&nbsp;ecosystem is on a roll as we get two more names adding to the list of unicorns this week. Sharechat&nbsp;owner Mohalla&nbsp;tech and messaging platform Gupshup&nbsp;crossed the $1-billion-valuation-mark on Thursday after the latest round of fundings.&nbsp;Mohalla Tech&nbsp;raised $502 million pushing the startup&rsquo;s valuation to $2.1 billion and&nbsp;Gupshup&nbsp;raised $100 million, increasing its valuation ten-fold to $1.4 billion.

The Indian startup&nbsp;ecosystem is on a roll as we get two more names adding to the list of unicorns.&nbsp;Sharechat&nbsp;owner Mohalla&nbsp;tech and messaging platform Gupshup&nbsp;crossed the $1-billion-valuation-mark after the latest round of funding.
Mohalla Tech&nbsp;raised $502 million in a funding round led by Lightspeed Ventures and Tiger Global, pushing the startup&rsquo;s valuation to $2.1 billion.&nbsp;Gupshup&nbsp;achieved the coveted label after raising $100 million from Tiger Global, increasing its valuation ten-fold to $1.4 billion.
10 companies have crossed&nbsp;the $1-billion valuation mark this year. Six of them have turned unicorns in just one week.&nbsp;
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