Ahsan was the company’s chief operating officer, while Singh was its chief technology officer.
“Bhanu and Farid believe that all the critical business functions they are owning are now in steady hands and have decided to step down from their active roles in the company. They would however, continue to be a guiding force for the company and stay on the board,” Sachdeva said in the mail.
He said that over the last few months, the company onboarded several senior leaders in engineering, Ffnance, HR and content ops, who Bhanu and Farid helped in “getting ramped up and become well-equipped in steering the company going forward”.
“We have a lot to accomplish in ShareChat and Moj and I’m confident we have the right team to build our future,” said Sachdeva, who founded the firm with Ahsan and Pratap Singh in 2015.
MohallaTech, the parent firm of ShareChat and Moj, sacked around 500 employees, or about 20% of its staff, earlier this month.
Discover the stories of your interest
Explaining the reason for the fresh job cuts, Sachdeva said: “In hindsight, we overestimated the market growth in the highs of 2021 and underestimated the duration and intensity of the global liquidity squeeze.”The company cut at least 100 jobs in December 2021.
In June 2022, ShareChat’s parent firm raised $255 million in funding from Google and others, after which it was valued at $5 billion. In December 2021, it had raised $266 million from investors such as Alkeon Capital, Temasek and HarbourVest.
The Times group, which publishes The Economic Times, has been an investor in ShareChat since it sold MX Takatak, a short-video platform, to MohallaTech in 2022.