This morning, ShareChat laid off twenty percent of it's entire staff. The laid off employees were locked out of their system and received the communication of their lay off in their personal email. This is the biggest layoff by ShareChat so far. Many of the features of the ShareChat and Moj app have been told to shut down and their entire team is fired. The employees are offered 45 days of severance pay, leave encashment, bonus and are allowed to keep their system with them.
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I feel they would be raising for 4-5 months of runway at a time this way. Anybody knows?
I got to know from a outside ( friend of company director ) they are planning for another round layoff Does anyone have any idea on this ?