Google-backed ShareChat cuts 20% of workforce

ShareChat and stock graph are displayed in this illustration taken, July 26, 2021. REUTERS/Dado Ruvic/Illustration/Files

BENGALURU (Reuters) -India's ShareChat, a short video-sharing platform backed by Google and Temasek, said on Monday it let go of around 20% of its employees, as startups face increasing pressure from investors to cut costs.

"There is a growing market consensus that the current global economic downturn would be a much more sustained one, and we thus have to, unfortunately, seek more cost savings by reducing our team size," ShareChat Chief Executive Officer Ankush Sachdeva said in an internal memo seen by Reuters.