In a bid to boost its growth plans and optimize operations, popular Indian social media platform ShareChat has raised an additional $16 million in debt funding and reorganized aspects of its workforce.
According to sources familiar with the development, Singapore-based investment firm EDBI has pumped the latest capital into ShareChat's ongoing debt round, expanding it to $65 million total. This comes after the company raised $49 million from backers including Temasek and Lightspeed Ventures earlier this year.
While the new capital injection will aid ShareChat's technology and monetization initiatives, it has also undergone some restructuring. Reports indicate around 5% of roles were impacted as part of mid-year performance reviews. This comes after 700 jobs were cut across two phases in 2023 amid a broader industry slowdown.
A spokesperson commented that the workforce adjustments primarily focused on performance and that many new opportunities remain. ShareChat says its social platforms reach over 325 million monthly users and claims operational profitability.
The fresh funding and streamlining efforts aim to build on these positives. It will bolster ShareChat's advertising technology and emerging transaction services for consumers. With continued user growth and monetization advancements, the company seems determined to optimize its path towards sustainability and growth in the competitive Indian market. Its scaled user network and innovations provide a strong foundation to build upon.
