Indian social media startup ShareChat, subsidized via way of means of Twitter, Tiger Global and Temasek, is shutting down its fable sports activities platform Jeet11 and has laid off a few personnel.
People acquainted with the problem instructed TechCrunch that the startup despatched an e-mail to its affected personnel remaining month. The platform changed into operational on the time of writing.
ShareChat showed to TechCrunch that it’s far ceasing the operations of Jeet11 and has laid off much less than 5% of its personnel because of the decision. The startup has a complete team of workers of round 2,three hundred personnel, suggesting that the flow impacted extra than a hundred people.
“As a fashionable commercial enterprise practice, we periodically compare our strategies. We can verify that we’re ceasing operations of Jeet11 and feature reorganized a number of our capabilities, which supposed motion of this expertise inside groups and some worker exits. This procedure has impacted much less than 5% of our personnel,” a ShareChat spokesperson stated in a organized statement.
“We retain to recognition on sturdy boom and hiring throughout numerous capabilities and roles as according to our plans. To be successful as India’s fastest-developing social media company, we examine our method often and make vital adjustments to reap our vision.”
Quietly released in 2020, Jeet11 changed into ShareChat’s try to take at the likes of Dream Sports’ Dream11 and Mobile Premier League.
Despite ShareChat claiming to have made inroads in smaller Indian cities, Jeet11 in no way won any significant traction amongst its users.
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Fantasy sports activities as a commercial enterprise has enticed traders in India withinside the current past. Google additionally currently released a pilot to permit fable sports activities and rummy apps at the Play Store withinside the country. Nonetheless, numerous Indian states retain to prohibit making a bet apps. Industry professionals accept as true with that maximum of those playing apps are closely reliant on cricket fits and conflict to hold clients after the stop of any key tourney.