Temasek-backed Mohalla Tech shutters gaming platform, lays off 5% staff

Mohalla Tech, the parent firm of India-based social media unicorn ShareChat, has shut down operations of Jeet11, its fantasy games platform. In doing so, the company laid off under 5% of its employees, a ShareChat spokesperson told Tech in Asia.

The Temasek and Google-backed firm said it had a headcount of 2,300 workers. That would imply that around 115 employees were laid off.

Photo credit: Mohalla Tech

Mohalla Tech said that the job cuts were part of a reorganization of some functions, adding that it meant “movement of this talent within teams and a few employee exits.” The firm added that it continues to focus on robust growth and hiring across various functions and roles as per its plans.

The retrenchment comes weeks after ShareChat was looking to hire those affected by the mass layoffs at Meta.

See also: Tracking layoffs across Asia’s startup ecosystem

Jeet11 was launched two years ago and was pitted against gaming platforms such as Dream11 and Mobile Premier League.

Mohalla Tech said in June that it had raised US$520 million at a US$5 billion valuation. The final tranche of the round saw participation from Google, Temasek, and India-based media conglomerate Times Group.