ShareChat raises Rs 134 crore from Singapore-based EDBI; lays off 5 pc staff

Mohalla Tech, the home-grown social media firm that owns the ShareChat platform, has announced that it raised Rs 134 crore (USD 16 million) through debt bonds from Singapore-based investment firm EDBI.

This has expanded the ongoing convertible debentures round to USD 65 million for the company. ShareChat shared that Singapore-based EDBI has joined the round. In April, ShareChat raised USD 49 million through convertible debentures in a funding round led by existing investors such as Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest.

Additionally, the company has implemented a 5 percent reduction in staff following a mid-year performance review. A company spokesperson explained that ShareChat launched its mid-year performance cycle and, as a standard practice, some employees are affected based on performance.

This reduction applies to less than 5 percent of the workforce. The company also has open positions and is actively seeking high-quality talent across various functions.