Social media platform Sharechat on Friday, December 2, said it's shutting down its fantasy sports platform Jeet11, which allows betting on cricket and football matches. Also, the company has laid off 100 employees, which is less than 5 percent of the workforce impacted, according to multiple people familiar with the development. Sources in the know told CNBC-TV18 that most employees laid off were in non-tech roles and tech employees were absorbed by ShareChat and Moj.
Reacting to lay-off the news, ShareChat's spokesperson said as a standard business practice, the company periodically evaluates strategies.
The company said it is confirming ceasing operations of Jeet11 and reorganising some of its functions, which meant the movement of the talent within teams and a few employee exits. This process has impacted less than 5 percent of our employees, it said.
"We continue to focus on robust growth and hiring across various functions and roles as per our plans. To succeed as India’s fastest-growing social media company, we assess our strategy regularly and make necessary changes to achieve our vision," it added.
Mohalla Tech is the parent firm of Sharechat and Moj and has over 2,200 employees. Sharechat runs India's largest short video platforms Moj and TakaTak, besides the ShareChat app, which together caters to over 400 million users.
Also Read: PSU oil companies to seek fiscal relief of over Rs 22,000 crore for petrol and diesel losses
Moj, since its launch in July 2020, has grown to become a popular short video app with over three times daily active users and two times daily time spent per user compared to its nearest domestic competitor.
In February, the company merged Times Group's short video platform MX Takatak with its Moj platform, claiming that Moj and MX TakaTak will create the largest short-video platform for Indians, whereby the combined platform will have 100 million creators, over 300 million monthly active users (MAUs), and nearly 250 billion monthly video views.
The business of Sharchat, Moj, Chingari, and other short-video platforms zoomed after the government banned Chinese competitors like Tiktok and Helo.
(Edited by : Shoma Bhattacharjee)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM