Sharechat has recently laid off about 101 employees or 25% of its staff as the ongoing coronavirus pandemic impacts ad revenues
According to an email sent to employees by Ankush Sachdeva, CEO of ShareChat, the advertisement market would remain unpredictable this year and the firm is streamlining its revenue teams to these new expectations.
“We have to focus on our core product and feed recommendation is driven growth levers while scaling back on the others. We need to go back to our fundamentals in terms of only picking bets that move the needle for growth,” said Sachdeva in the email.
On assistance to these employees, Ankush said, the impacted employees will have the option of taking a garden leave of two months or half the salary for four months. Additionally, they will get one month’s ex-gratia for every year that they have worked for the company.
ShareChat will also continue to provide health insurance policy until the end of the year. For ESOP holders, the company will extend the timeline for the stocks employees own till the end of the year, he added.
He said the company will assist all the impacted employees with finding relevant openings available in the market and connect them across other organisations, recruiters, and agencies. It has also tied up a professional resume builder to help the employees build their resume and LinkedIn profile for free.
ShareChat is a social networking and regional content platform. ShareChat is an Indian social media startup. It offers the content consumption and sharing platform only in Indian vernacular languages to cater to over 1.17 billion wireless network users of India. It is available in 15 Indian languages. ShareChat has over 60 million monthly active users.
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