Indian social media startup ShareChat, backed by Twitter, Tiger World and Temasek, is shutting down its fantasy sports activities platform Jeet11 and has laid off some workers.
Individuals accustomed to the matter advised TechCrunch that the startup despatched an e-mail to its affected workers final month. The platform was operational on the time of writing.
ShareChat confirmed to TechCrunch that it’s ceasing the operations of Jeet11 and has laid off lower than 5% of its workers because of the choice. The startup has a complete workforce of round 2,300 workers, suggesting that the transfer impacted greater than 100 folks.
“As a typical enterprise observe, we periodically consider our methods. We will affirm that we’re ceasing operations of Jeet11 and have reorganized a few of our features, which meant motion of this expertise inside groups and some worker exits. This course of has impacted lower than 5% of our workers,” a ShareChat spokesperson mentioned in a ready assertion.
“We proceed to deal with strong development and hiring throughout varied features and roles as per our plans. To succeed as India’s fastest-growing social media firm, we assess our technique frequently and make mandatory adjustments to realize our imaginative and prescient.”
Quietly launched in 2020, Jeet11 was ShareChat’s try to tackle the likes of Dream Sports activities’ Dream11 and Cell Premier League.
Regardless of ShareChat claiming to have made inroads in smaller Indian cities, Jeet11 by no means gained any significant traction amongst its customers.
Fantasy sports activities as a enterprise has enticed traders in India within the latest previous. Google additionally not too long ago launched a pilot to permit fantasy sports activities and rummy apps on the Play Retailer within the nation. Nonetheless, a number of Indian states proceed to ban betting apps. Trade consultants consider that the majority of those playing apps are closely reliant on cricket matches and battle to take care of clients after the tip of any key tourney.