Chingari lays off about 50% of its staff: Report
Employees across product, customer support, design, and marketing were impacted in the most recent round of layoffs.
Short video platform Chingari has reportedly laid off more than 50% of its workforce.
As per Inc42, which first reported the development, employees across product, customer support, design and marketing were impacted in the recent round of layoffs.
Queries sent toremain unanswered at the time of writing this article. The article will be updated to reflect its response.
In June, Chingari laid off about 20% of its workforce. In an exclusive interview with YourStory, its CEO Sumit Ghosh said that the company made the harsh step to lay off employees at the time in a bid to extend its runway.
"When you are working with limited money do you have the luxury of burning the same amount of money or should you take a harsh step and let some people go now and then let them go in a dignified way? That’s what it came down to. We honestly, did the best we could and the layoffs at least helped us extend our runway by six months," he said.
Prior to the layoffs, its Co-founder Aditya Kothari exited the firm in May. Over the years, the company has done multiple pivots—starting as a WhatsApp status creation tool in 2018 to a short video app in 2020. However, Ghosh said that short video was no longer a priority for the company and it was placing focus on being profitable.
Chingari has raised at least $61.5 million across seven rounds, with the latest fundraise in February. It also recently acquired a chess team and partnered with UK-based football club Southall FC.
Edited by Kanishk Singh