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Sharechat has closed a $16 million fundraise while laying off about 5% of its workforce following a bi-annual performance review. Over the past year and a half, the company has fired approximately 850 employees in successive rounds of cost-cutting. Moneycontrol reported in early 2023 that two of Sharechat's co-founders resigned amid a broader hollowing out of its senior management. The company has conducted multiple rounds of layoffs since raising over $300 million in 2021.
Layoff trends in the tech sector continued in July 2024, with the loss of over 8,000 jobs across 34 tech firms. This brings the total number of layoffs for the year to 124,517 from 384 companies around the globe. #layoffs #techcompanies https://t.co/g8sS3jAM9c
The company has conducted multiple rounds of layoffs since raising over $300 million in 2021. https://t.co/F7ajAdvZqN
As mass tech layoffs continue to sweep the industry, Google is the latest company to cut and relocate employees. https://t.co/p7bZOISvGw