A Google-backed startup is cutting more of its workforce
Big Tech has been rolling with the punches lately with huge companies like Amazon, Google, and Meta having to lay off huge swathes of their workforces in recent months. Recently, however, it seems as if the malaise has been bleeding beyond the corporate headquarters of these tech giants with companies they are backing also having to lay off staff. The Indian social media startup ShareChat is a prime example having recently had to lay off 100 roles, with the situation worsening again. Here are the details:
ShareChat, which is backed by Twitter, Google, Tiger Global, and Temasek, has had to lay off over 400 more employees, which represents roughly 20% of its entire workforce. This comes just a month after eliminating more than 100 roles. The ShareChat story sounds like the familiar story that has been ripping through the Big Tech giants over the last 12 months with CEO Ankush Sachdeva stating that the company had “overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze.”
According to the Google Cloud page that offers insight into the company:
“ShareChat is the leading Indian social media platform that allows users to share their opinions, document their lives, and make new friends in their native language. On a mission to spearhead India's internet revolution, ShareChat is changing the way in which the next billion users will interact on the internet.”
So, another leading social media platform is having to cut its workforce after overestimating its growth potential leaving workers out of a job and looking at an unstable future. Well, yes and no.
Interestingly, while the big tech companies have been forced to eat humble pie recently, the broader tech sector is continuing to grow. This means that there should be other opportunities available for laid-off workers, particularly in the context of remote work becoming more freely available across the globe. Despite this, however, it is still extremely disappointing to see people losing their jobs in this manner.
The good news, however, is that according to TechCrunch, the affected workers will receive the total salary for their notice period and two weeks’ pay for every year they’ve worked at the company.Advertisement