ShareChat Raises Rs 134 Crore, Lays Off 5% Staff
Aug 04, 2024 15:14
ShareChat, owned by Mohalla Tech, has raised Rs 134 crore from EDBI, Singapore. The company also laid off 5% of its staff following a mid-year performance review.
New Delhi, Aug 4 (PTI) Home-grown social media firm Mohalla Tech, which owns ShareChat platform, on Sunday said it has raised Rs 134 crore, or USD 16 million, through debt bonds from Singapore-based investment firm EDBI.
With this fresh fundraise the company has expanded its ongoing convertible debentures round to USD 65 million.
"ShareChat expands its convertible debentures round to USD 65 million, as Singapore-based EDBI joins the round," the company said in a statement.
In April this year, ShareChat raised USD 49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest, amongst others.
The company has also retrenched 5 per cent of its staff after mid-year performance review of the employees.
When contacted, the company spokesperson said ShareChat launched its mid-year performance cycle and as a usual practice, some employees are impacted on the basis of performance.
"This accounts for less than 5 per cent of our workforce. We have a number of open positions, and we continue looking for high quality talent across functions," the spokesperson said.
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