Farid Ahsan: Sharechat founders Farid Ahsan and Bhanu Pratap Singh are stepping down from active roles

sharechat co-founder Bhanu Pratap Singh and Farid Ahsan will step down from their energetic roles on the social media platform, co-founder and CEO Ankush Sachdeva knowledgeable the staff in an inside electronic mail. His be aware states that each Singh and Ahsan will stay on the corporate’s board.

Ahsan was the corporate’s chief working officer whereas Singh was the chief know-how officer.

“Bhanu and Farid consider that all the vital enterprise features they personal at the moment are in protected palms and have determined to step down from their energetic roles within the firm. Nevertheless, you’ll proceed to be a frontrunner for the corporate and stay on the board,” Sachdeva mentioned within the Mail.

He mentioned the corporate had introduced on board a number of senior executives in engineering, finance, human assets and content material departments over the previous few months, which Bhanu and Farid helped “get ramped up and be well-equipped to take the corporate into the longer term.” steer the longer term”.

“We now have lots to attain at ShareChat and Moj and I am assured we’ve the suitable group to construct our future,” mentioned Sachdeva, who based the corporate in 2015 with Ahsan and Pratap Singh.

MohallaTech, the mother or father firm of ShareChat and Moj, laid off round 500 staff or round 20% of its workforce, earlier this month.

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Sachdeva defined the rationale for the renewed job cuts: “Looking back, we overestimated the market progress on the highs of 2021 and underestimated the period and depth of the worldwide liquidity crunch.” The corporate minimize no less than 100 jobs in December 2021.

earlier this month, Kishore AcharyaGroup Advertising Head of Sharechat, left the group after greater than two years.

In June 2022, ShareChat’s mother or father firm raised $255 million in funding from Google and othersafter that it was valued at $5 billion. As of December 2021, it had raised $266 million from traders equivalent to Alkeon Capital, Temasek and HarbourVest.

The Occasions group that publishes The Financial Occasions has been an investor in ShareChat because the sale of MX Takatak, a brief video platform, to MohallaTech in 2022.

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