ShareChat closes down its fantasy sports platform Jeet11, lays off 5% of workforce

Published on:

Mohalla Tech Pvt Ltd, which is backed by Google and Temasek, announced the closure of its fantasy sports platform Jeet11 on Friday. As a result, around 5% of its workforce has been laid off.

The company also runs the social media platform ShareChat and short video platform Moj. ShareChat is backed by major corporations like Twitter, Google, Snap and Tiger Global. The company has around 2,200 employees and the shutdown of Jeet11 impacted more than 100 people. The company said that the shutdown mostly affected non-tech employees as most tech workers were absorbed into the company.

“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,” a ShareChat spokesperson said in a statement.

The company had raised $78 million in June from Google’s parent Alphabet and Temasek Holdings and was last valued around $4.9 billion.

Bhanu Pratap Singh, Ankush Sachdeva, and Farid Ahsan founded ShareChat in 2015. To compete against the well-known fantasy gaming platforms like Dream11 and Mobile Premier League (MPL), the company introduced Jeet11 in February 2020, which allows users to play fantasy cricket and football matches.

Jeet11 also offered real money games like rummy and Ludo. The company also provided the latest security measures to the users like encrypted user data storage on cloud in order to safeguard their data.

The company spokesperson also said, “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.”