News Update

Ajit Varghese Resigns as ShareChat’s CCO

• ByStartupStory     |    December 30, 2022

Ajit Varghese, the chief commercial officer of social media platform ShareChat, announced his resignation in a LinkedIn post after more than two years in the position. 

The announcement comes after ShareChat’s parent firm, Mohalla Tech, shut down its fantasy sports vertical Jeet11 earlier this month, firing off over 115 people. 

Varghese joined the company in December 2020 and was responsible for increasing and strategizing the company’s revenue operations as well as content collaborations. He was in charge of the platform’s marketing and reported to ShareChat co-founder Farid Ahsan.

The spokesperson of the company said in a statement, “We can confirm that Ajit has decided to step down from his role as CCO at ShareChat after a very successful run of 2.5 years. He has been instrumental in helping us build our revenue function since his joining in 2020 and has successfully established ShareChat and Moj as credible advertising channels among marketers across industry verticals,”

“He has also assembled and groomed a solid team that is well-placed to take us to the next level. We are grateful for all his efforts and accomplishments in the last two years, which were highly critical to our growth. We wish Ajit all the best in his future endeavours,” he also added. ShareChat received $78 million as part of its Series H fundraising round in June, valued at around $4.9 billion, from Google parent Alphabet and Temasek Holdings. 

Farid Ahsan, Ankush Sachdeva, and Bhanu Pratap Singh launched it in 2015. 

Mohalla Tech claims to have almost 500 million active members across ShareChat, Moj, and TakaTak, making it the largest homegrown social media organization in India.

According to a Bain and Co. analysis published in October 2021, India has over 350 million online video consumers, with the user base increasing nearly twice as fast as economies such as China and Indonesia.

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