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By Shruti Malhotra | Jomy Jos Pullokaran Dec 2, 2022 6:33:15 PM IST (Published)
The company has laid off 100 employees, which is less than 5 percent of the workforce, according to multiple people familiar with the development. Most employees laid off were in non-tech roles and the tech workers were absorbed by ShareChat and Moj.
Social media platform Sharechat on Friday, December 2, said it's shutting down its fantasy sports platform Jeet11, which allows betting on cricket and football matches. Also, the company has laid off 100 employees, which is less than 5 percent of the workforce impacted, according to multiple people familiar with the development. Sources in the know told CNBC-TV18 that most employees laid off were in non-tech roles and tech employees were absorbed by ShareChat and Moj.
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Reacting to lay-off the news, ShareChat's spokesperson said as a standard business practice, the company periodically evaluates strategies.
The company said it is confirming ceasing operations of Jeet11 and reorganising some of its functions, which meant the movement of the talent within teams and a few employee exits. This process has impacted less than 5 percent of our employees, it said.