ShareChat parent shuts fantasy gaming platform, lays off ~5% employees
Bangalore-based Mohalla Tech Private Limited, the parent company of social media platformand video-sharing social networking service , has shut its fantasy gaming platform Jeet11, laying off about 5% of its workforce, according to the company.
Jeet11 has 2,300 employees in total. According to an Inc42 report, the laid-off employees largely were from non-tech roles. Tech employees would be absorbed into Sharechat and Moj, it found.
“As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganised some of our functions, which meant movement of this talent within teams and a few employee exits. This process has impacted less than 5% of our employees,” a ShareChat spokesperson told YourStory.
“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,” the spokesperson added.
Jeet11 was launched in early 2020 by Mohalla Tech to explore the fantasy gaming space. It was established to potentially take on larger players such asand . The shutdown of Jeet11 followed Mohalla Tech’s decision to not burn more cash on it, as per the Inc42 report.
In June, ShareChat, closed a $520 million funding round, adding Google and Times Group as its new investors. With this round, the Bengaluru-based social media platform’s valuation rose to $5 billion. New York-based Alkeon Capital, Singapore's Temasek, Moore Strategic Ventures, and India Quotient are its existing investors.
This development comes a few days after laid off nearly 5% of its workforce and cut wages up to 11% for employees earning more than Rs 10 lakh per annum, amid a challenging macro environment., the parent firm of short video platform Josh and news aggregator Dailyhunt,
Edited by Akanksha Sarma