New Delhi, June 20 – Homegrown short-video making platform Chingari has laid off 20 per cent of its workforce as a part of organisational restructuring.
In a press release to IANS, the corporate spokesperson stated that it was “one of many hardest selections for our administration and we perceive the impression they’ve on our workers”.
“We’re recognising the contribution and dedication of the affected workers by providing a severance bundle equal to 2 months’ wage to help them throughout this transition,” stated the spokesperson.
Moreover, “we’ll ensure that they’ve three extra months of medical insurance protection”.
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The corporate stated that it’ll help impacted workers by offering all-encompassing help, equivalent to profession counselling and job placement help.
“Our priorities proceed to be streamlining processes, boosting productiveness, and matching assets to our long-term progress targets,” the corporate spokesperson added.
The layoffs at Chingari, one of many main Indian brief video apps, got here as its cofounder Aditya Kothari just lately give up the startup.
As reported late final yr, Chingari had greater than 160 million customers in over 15 languages. It had greater than 5 million each day lively customers (DAU) and 40 million month-to-month lively customers (MAU).
Chingari’s crypto token GARI powers India’s solely blockchain-based social infotainment platform.
In October 2021, Chingari raised over $19 million for its token spherical throughout greater than 30 enterprise funds and particular person buyers.
The VC companies participated within the funding spherical included Republic Crypto, Galaxy Digital, Alameda Analysis, Solana Capital, Valor Fairness Companions, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Lengthy Time period Ventures, Afton Capital, CSP DAO, amongst others.