ShareChat, a vernacular social media platform, is facing a significant valuation cut in new funding. The company has laid off about 200 employees, which accounts for 15% of its workforce, in an effort to streamline costs and achieve profitability within the next 4-6 quarters. ShareChat, which has raised over $1.4 billion to date, is finalizing new funding at a valuation as low as sub-$1.5 billion, a steep drop from its peak valuation of $5 billion last year. The implosion of OpenView has raised concerns about job security among VCs. In a similar move, Spotify is reducing about 17% of its headcount, approximately 1500 employees. Zomato has offered to acquire Shiprocket for $2 billion, and Flipkart is set to receive $600 million from Walmart under a new fundraise.
Zomato has made an offer to acquire closely held Indian e-commerce shipping startup Shiprocket, sources say https://t.co/SzjWu8v83p
🚨🔥 ETtech Top 5 | Flipkart’s $1 billion fundraise; #Zomato offers to acquire #Shiprocket Also in this letter: ■ GreyOrange, BluSmart raise funds ■ Plum's FY23 financials ■ GenAI smartphones https://t.co/q426dwaUz8
⚠️ INDIA'S FLIPKART TO GET $600 MILLION FROM WALMART UNDER NEW FUNDRAISE Indian e-commerce firm Flipkart's biggest shareholder Walmart is set to infuse about $600 million in a new fundraise for the startup, a Flipkart spokesperson said on Thursday. Flipkart is in talks to… https://t.co/aFcvx2pg2H
🚨 #Zomato offers to acquire #Shiprocket for $2 billion: report A spokesperson for Zomato declined to comment on “market speculation”. The @deepigoyal-led company is an existing investor in Shiprocket. Read more at: https://t.co/K0sglXuzil
ShareChat has trimmed its workforce by 15%. The startup is valued at less than $1.5 billion—a steep drop from its peak valuation of $5 billion last year. Why are potential investors hesitant? Explainer by @ditipujara and @ujjainidutta_. https://t.co/9GYbgQk6ju
Job cuts and valuation drop at ShareChat reflects the kind of year startups have had. More in this news explainer by @ujjainidutta_ & @ditipujara @MorningContext https://t.co/0wL0mUi71v
Take a look at the top headlines: ➡️ ShareChat lays off 200 employees ➡️ SAT relief to Kishore Biyani, brother ➡️ RBI to keep inflation tethered to 4% target ➡️ Alibaba CEO to lead domestic e-commerce business https://t.co/9GYbgQjytW
Good morning, readers! 🌞 Start your day with these top tech stories: ■ @Razorpay, @gocashfree eye lost market share ■ @sharechatapp's third round of layoffs ■ Details from @BYJUS annual general meeting https://t.co/eQveyr5vBi
Spotify is reducing about 17% of its headcount – around 1500 employees. Two employees told Business Insider they had anticipated the layoffs were looming. https://t.co/i3crYPyH2J
ETtech Top 5 | #ShareChat fires another 15% staff; inside the rush for a payment aggregator licence Also in this letter: ■ FY23 financials for Euler Motors, Pilgrim ■ #SoftBank India’s Vikas Agnihotri leaves ■ #Unicommerce expands board https://t.co/qlDq5jV9qa
Temasek-backed ShareChat lays off 15% of staff, mulls new funds at lower valuation https://t.co/iBP8FicrEG
🚨 ShareChat lays off about 200 employees across verticals Vernacular social media platform ShareChat has laid off 15% of its staff in a bid to streamline costs and achieve profitability within the next 4-6 quarters. https://t.co/NDsnn4dNOY By @supriya_speaks
ShareChat -- which has raised over $1.4b to date -- is cutting another 15-20% of its workforce and finalizing new funding at valuation as low as sub-$1.5b. It claims 400m users -- SensorTower estimates SC MAU at sub-40m. https://t.co/vTI6rQY5Zf
The implosion of OpenView has increased worries about job security among VCs, who are more accustomed to layoffs at their startups than they are at their own firms. https://t.co/ondYK8ZADY By @KateClarkTweets
ShareChat faces large valuation cut in new funding: https://t.co/VQr0JlNSlY by TechCrunch #infosec #cybersecurity #technology #news
ShareChat faces large valuation cut in new funding https://t.co/ulWDXCt67X