The fantasy games platform Jeet11 has stopped operating, according to Mohalla Tech, the parent company of the social media unicorn ShareChat, which is located in India. In doing so, the business let go of less than 5% of its workforce, according to a ShareChat spokeswoman.
The Temasek and Google-backed company claimed to employ 2,300 people. That would suggest that about 115 workers were let go.
According to Mohalla Tech, the employment layoffs were necessary as part of a reorganisation of some functions, which also involved “moving this talent among teams and a few employee departures.” According to its goals, the company said it will continue to put a strong emphasis on recruiting for a variety of positions and responsibilities.
When Jeet11 was introduced two years ago, gaming services like Mobile Premier League and Dream11 were competing with it.
Mohalla Tech reported raising $520 million at a valuation of $5 billion in June. Google, Temasek, and the media behemoth Times Group from India all participated in the last round’s tranche.
