ShareChat to cut 5% of its workforce

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ShareChat, backed by Google and Temasek, plans to lay off around 20-30 employees, or about 5% of its workforce, following its annual performance review, reported Moneycontrol.

This marks the fourth round of layoffs in two years as the company focusses on improving operational efficiency and maintaining profitability.

ShareChats workforce has already shrunk significantly from its peak of 2,800 employees to the current 530-550.

A company spokesperson clarified that these job cuts are not related to financial troubles but are part of a strategy to ensure a high-performing team.