Google-backed ShareChat cuts 20% of workforce

BENGALURU, Jan 16 (Reuters) – India’s ShareChat, a short video-sharing platform backed by Google (GOOGL.O) and Temasek, said on Monday it let go of around 20% of its employees, as startups face increasing pressure from investors to cut costs.

“There is a growing market consensus that the current global economic downturn would be a much more sustained one, and we thus have to, unfortunately, seek more cost savings by reducing our team size,” ShareChat Chief Executive Officer Ankush Sachdeva…