Indian social media startup ShareChat, backed by Twitter, Tiger Global and Temasek, has shut down fantasy sports platform Jeet11 and laid off some employees.
People familiar with the matter told TechCrunch that the startup sent emails to affected employees last month.
ShareChat confirmed to TechCrunch that it has shut down Jeet11 and laid off less than 5% of its workforce as a result of the decision. The startup has about 2,300 total employees, suggesting the move affected more than 100 of his.
“As standard business practice, we regularly evaluate our strategy. It means a talent move and the departure of some employees. Fewer than 5% of our employees have been impacted by this process,” a ShareChat spokesperson said in a prepared statement.
“We continue to focus on strong growth and hiring across different functions and roles as per our plan. To be successful as the fastest growing social media company in India, we regularly We are evaluating our strategy and making the necessary changes to achieve our vision.”
Quietly launched in 2020, Jeet11 was ShareChat’s attempt to compete with the likes of Dream Sports’ Dream11 and Mobile Premier League.
Despite ShareChat’s claims of expanding into small cities in India, Jeet11 never gained meaningful traction among users.
Fantasy sports as a business have attracted Indian investors in recent years. Google recently launched a pilot to allow Fantasy Sports and Rummy apps in the national Play Store. Despite this, several states in India continue to ban gambling apps. Industry experts believe most of these gambling apps rely heavily on cricket matches and have struggled to retain customers after major tournaments have ended.