Mohalla Tech, which is backed by Google and Temasek and operates the social media platform ShareChat and the short video platform Moj, announced the closure of its fantasy gaming platform Jeet11 on Friday, laying off about 5 per cent of its workforce.

ShareChat currently employs approximately 2,200 people in various roles.

Mohalla Tech intends to continue hiring across roles and functions in the future to support its growth, according to the company.

This comes after the company raised $78 million (roughly Rs 633 crore) in June as part of its Series H funding round from Google parent Alphabet and Temasek Holdings at a valuation of approximately $4.9 billion.

Farid Ahsan, Ankush Sachdeva, and Bhanu Pratap Singh founded ShareChat in 2015. In February 2020, the company launched Jeet11 to compete with the popular fantasy gaming platform Dream11, allowing users to bet on cricket and football matches.

With the closure of Jeet11, ShareChat’s parent company joins the ranks of the many tech startups that have announced layoffs in recent weeks due to rising pressure to cut costs amid a funding winter and challenging macroeconomic conditions.

Categories: Other News