ShareChat cuts 200 jobs, company terms it "streamlining cost base"

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Social media platform ShareChat, owned by Mohalla Tech, has cut 200 jobs, about 15% of its workforce, as part of strategic restructuring. Mohalla Tech aims to streamline its cost base and achieve profitability within the next 4-6 quarters. The parent company saw losses increase by over 38% to Rs 4,064 crore in FY23, while revenue from operations rose by 62% to Rs 540.21 crore. ShareChat has moved to a flatter org structure and prioritized product initiatives. The company is also in the final stages of raising $50 million.

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