ShareChat, a social media firm backed by Twitter, Tiger Global, and Temasek, is closing down its fantasy sports app Jeet11 and laying off more than 100 staff. According to people with knowledge of the situation, the business issued an email to the affected employees last month.
ShareChat confirmed to TechCrunch that it is ending Jeet11’s operations and that as a result, less than 5% of its staff have been laid off. Around 2,300 individuals work for the firm in total, so it’s likely that more than 100 people were impacted by the change.
“As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganized some of our functions, which meant movement of this talent within teams and a few employee exits. This process has impacted less than 5% of our employees,” according to a spokeswoman for ShareChat.
“We continue to focus on robust growth and hiring across various functions and roles as per our plans. To succeed as India’s fastest-growing social media company, we assess our strategy regularly and make necessary changes to achieve our vision.” Jeet11, launched covertly in 2020, was ShareChat’s attempt to compete with Mobile Premier League and Dream Sports’ Dream11. Jeet11 never really took off among its users, despite ShareChat’s claims that it had gained ground in smaller Indian cities.