The company has also retrenched 5 per cent of its staff after mid-year performance review of the employees. | Photo: Shutterstock
Home-grown social media firm Mohalla Tech, which owns ShareChat platform, on Sunday said it has raised Rs 134 crore, or $ 16 million, through debt bonds from Singapore-based investment firm EDBI.
With this fresh fundraise the company has expanded its ongoing convertible debentures round to $ 65 million.
“ShareChat expands its convertible debentures round to $ 65 million, as Singapore-based EDBI joins the round,” the company said in a statement.
In April this year, ShareChat raised $ 49 million via convertible debentures in the funding round led by existing investors Lightspeed, Temasek, Alkeon Capital, Moore Strategic Ventures, and HarbourVest, amongst others.
The company has also retrenched 5 per cent of its staff after mid-year performance review of the employees.
When contacted, the company spokesperson said ShareChat launched its mid-year performance cycle and as a usual practice, some employees are impacted on the basis of performance.
“This accounts for less than 5 per cent of our workforce. We have a number of open positions, and we continue looking for high quality talent across functions,” the spokesperson said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 04 2024 | 4:33 PM IST
