In other global news, India's Share chat laid off around 20% of its workforce at a time when startups are under increasing pressure from investors to lower costs, and this is according to a writers report.
Bengaluru based Sharechat, a short video sharing platform backed by Google and Timasek, is valued at $5 billion with over 2200 employees and expanding globally, according to the the firm's website. Sharechat's chief executive Angus Sachdeva, in an internal memo, says that the current global economic downturn would be a much more sustained one and we thus have to unfortunately seek more cost saving by reducing the team size.
In a highly volatile stock market that has crushed the tech equities around the world, investors have grown wary of lofty valuations. Indians startups raised $24 billion last year, which is a third less than in 2021.
In recent months, they have laid off thousands of staff to reduce cost and also increase profit.
