Chingari, a home-grown short-video creation platform, has laid of half of its workforce in a fresh round of layoffs. The recent downsizing will affect its employees in various departments such as product, customer support, design, and marketing teams.
Amid financial constraints, the company is also focused on reducing its expenditures and hence taken measures to do so. As per media reports, the company has asked certain employees to accept salary reductions of as much as 50 per cent.
In a statement, the company representatives stated that the company is committed to provide assistance to the affected employees. All the affected employees will receive severance packages equivalent to two months’ salary.
The job cuts at Chingari occurred at the same time as one of its co-founders, Aditya Kothari, departed from the company. Furthermore, the startup is also striving to secure funds; however, it has been entangled in an extended due diligence process for a significant duration.
In a previous round of layoffs, Chingari reduced its workforce by 20 per cent as part of its efforts in organisational restructuring. Currently, the startup is left with an employee strength of 50 to 60 employees.
Presently, the Chingari app is accessible in 16 languages and boasts over 5 million daily active users (DAU) as well as 40 million monthly active users (MAU). In October 2021, Chingari successfully secured more than $19 million through its token round, receiving support from over 30 venture funds and individual investors. Additionally, the platform declared that its application had surpassed 100 million downloads on the Play store.
