ShareChat raises Rs 134 crore from Singapore-based EDBI; lays off 5% staff

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.