Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 16 (Reuters)-ShareChat, an Indian short video sharing platform backed by Google and Temasek, said today that it has laid off about 20% of its employees as start-ups face increasing pressure from investors to cut costs.

Ankush Sachdeva, chief executive of ShareChat, said in an internal memo: "there is a growing consensus in the market that the current global recession will be more persistent. So, unfortunately, we have to seek more cost savings by reducing the size of the team."

Indian startups raised $24 billion last year (currently about 161.04 billion yuan), down 1/3 from 2021, according to Venture Intelligence.

In recent months, these companies have laid off thousands of employees to make a profit, as investors become more cautious about high valuations as volatile stock markets hit global technology stocks.

CTOnews.com learned that ShareChat also said that in the past six months, the company has actively optimized the costs of its various businesses, including marketing and infrastructure.

"as capital becomes expensive, companies need to give priority to investment and invest only in the projects that have the greatest impact." "our goal is to pass the uncertain state of the global economy in 2023 and 2024," a spokesman for ShareChat said.

ShareChat has a market capitalization of $5 billion (currently about 33.55 billion yuan) and more than 2200 employees, with teams in India, the United States and Europe, according to its website.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.