ShareChat, the Indian social media platform, announced today that co-founders Bhanu Pratap Singh and Farid Ahsan have stepped down from their active roles in the company. According to a ShareChat spokesperson, the duo has played a vital role in building the company to unicorn status and beyond. However, they will continue to be a part of the ShareChat family and remain on the board. The move comes a week after the company announced that it will be laying off 400 more employees.
"ShareChat would not be today the company it is, without their contributions," the spokesperson said.
The spokesperson claims that the company has built a strong leadership team in recent years, and the responsibilities held by Bhanu and Farid will now be taken over by Manohar Singh Charan and Gaurav Bhatia, who will lead the management and engineering roles, respectively.
The spokesperson added that ShareChat has come a long way since it was founded in 2013, and the company is now well-positioned to continue growing and expanding its reach in the Indian market.
ShareChat is backed by some big names in the tech industry including investments from Twitter, Google, Tiger Global, and Temasek. The company announced that it had reduced its workforce by 20 per cent. This round of layoffs affected over 400 employees. This came after the company and its short video platform, Moj, had already let go of 100 employees just a month prior.
In a statement, ShareChat confirmed the layoffs, stating that it had taken these actions in order to sustain a challenging economic situation. The company spokesperson said, "ShareChat has been built through the hard work and dedication of our employees. However, due to external macro factors that have an impact on the cost and availability of capital, we have had to make some difficult and painful decisions." The statement added that the company's goal was to prepare ShareChat to sustain through economic headwinds.
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