ShareChat, an Indian social networking unicorn, is laying off 15% of its staff, which translates to about 200 people.

The company – backed by Temasek, Google, and Tencent, among others – is said to be in talks for US$50 million in fresh funding at a valuation of below US$1.5 billion. Early last year, ShareChat had raised funds at a US$4.9 billion valuation.