ShareChat shuts fantasy sports app Jeet11, lays off around 5% of its workforce

ShareChat closed a $520 million multi-tranche funding round, taking its valuation to $5 billion.

ShareChat, the homegrown social media company owned by Mohalla Tech Pvt Ltd, has closed its fantasy sports platform named Jeet11 and has laid off around five per cent of its employees. The ShareChat was backed by tech giants like Twitter, Google, Snap and Tiger Global and has around 2,300 employees. According to reports, the layoff impacted more than 100 people at the company. Launched in 2020, Jeet11 was ShareChat`s take on Dream11 and Mobile Premier League (MPL). 

ShareChat spokesperson told IANS that the move was a part of the periodical evaluation of the company's strategies. "We can confirm that we are ceasing operations of Jeet11 and have reorganised some of our functions, which meant movement of this talent within teams and a few employee exits," he said.

ShareChat is one of India's largest homegrown social media companies, with more than 400 million monthly active users (MAUs) across all its platforms.

ShareChat was founded in 2015 by Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan. It was last valued at $5 billion and has social media brands such as ShareChat App and Moj under its portfolio. While the ShareChat app has over 180 million monthly active users, Moj is the largest Indian short video platform with close to 300 million people consuming content each month on the app.

"We continue to focus on robust growth and hiring across various functions and roles as per our plans. To succeed as India`s fastest-growing social media company, we assess our strategy regularly and make necessary changes to achieve our vision," the company spokesperson further said.

In June this year, ShareChat closed a $520 million multi-tranche funding round, taking its valuation to $5 billion. In the funding round, the company raised $255 million from Google, Times Group, and existing investors. Since 2021, ShareChat has cumulatively raised $1.2 billion and also acquired MX TakaTak.

(With IANS inputs)