8 Moments Defining Google-Backed ShareChat’s Troubled Year
Layoffs
Sharechat & Moj’s parent Mohala Tech started the year by firing nearly 500 employees.
Leadership Exodus
Cofounders Bhanu Pratap Singh, Farid Ahsan stepped down from their active roles to later start a robotics startup General Autonomy
Vertical Shutdown
In Feb, ShareChat shut its Live Commerce Biz, calling it a temporary scale down.
Valuation Drop
In mid-Oct, Sharechat eyed a funding of $50 Mn from existing investors at 55% valuation drop.
ShareChat Vs Zee Cinema
In late-Oct, Delhi HC ordered ShareChat and Moj to remove Zee’s content from repositories.
Huge Losses Reported
ShareChat parent Mohalla Tech Private Limited’s losses jumped 38.17% to INR 4,064.31 Cr during FY23 as compared to INR 2,941.51 Cr in the previous fiscal year.
2nd Layoff Of The Year
ShareChat fired around 200 employees in a second round of layoffs this year to cut costs.
Fund Raise
ShareChat proposed to raise $60mn in convertible notes from Google and Lightspeed at a valuation of $2.8 Bn.
Lear More About 2023’s Performance Of Various Startups Here: