ShareChat Co-founders step aside from their active roles
- ByStartupStory | January 26, 2023
The co-founders of ShareChat, Farid Ahsan and Bhanu Pratap Singh, have resigned from their positions at the social media platform, which is backed by Tencent and Twitter. This move comes shortly after the company, which has a $1 billion+ valuation, laid off a significant portion of its workforce, about 20%, as part of cost-saving measures.
A spokesperson for ShareChat said in a statement “After nearly eight years of building ShareChat to unicorn status and beyond, Bhanu and Farid have chosen to step down from their active roles in the company. ShareChat would not be today the company it is without their contributions,”
“They will continue to be a part of the ShareChat family, with both Bhanu and Farid remaining on the board. In recent years, the company has built a strong leadership team, and many of the responsibilities held by Bhanu and Farid will now rest with Manohar Singh Charan and Gaurav Bhatia who will lead the management and engineering roles, respectively,”
Co-founder Farid Ahsan stepped aside from his active role at the company in 2021. Ankush Sachdeva took over as CEO in 2017 from Farid, who was then appointed as the COO of the company. Bhanu Pratap served as the CTO of the company.
Earlier this month, Mohalla Technologies, the parent company of ShareChat and Moj, a short video platform, laid off 420 employees as part of cost-cutting measures and difficulties in securing additional funding. Founded in 2015, Mohalla Technologies was valued at $5 billion according to Tracxn and has raised $1.72 billion over 17 rounds of funding, with its last funding round being $255 million from Google and Times Group in June 2022. The company’s FY22 losses were at Rs 2,988 crore, while revenue from operations grew 4.3 times annually to Rs 347 crore, with 60% of revenue coming from advertising services.
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