ShareChat raises $16 million in debt financing; lays offs 5% of workforce

Vernacular social media firm ShareChat has raised an additional $16 million in debt financing through convertible debentures, increasing the total size of its previous debt round to $65 million, the company said on Saturday.

This funding comes as the company has laid off approximately 5% of its workforce, or around 40 employees. The reductions are part of a performance improvement plan (PIP) aimed at streamlining costs and achieving profitability.