New Delhi: Homegrown short-video making platform Chingari has laid off 20 per cent of its workforce as part of organizational restructuring.
“This was one of the most difficult decisions for our management and we understand the impact it has on our employees,” a company spokesperson said in a statement to IANS.
“We are recognizing their contribution and dedication by offering a severance package equivalent to two months’ pay to assist affected employees during this transition,” the spokesperson said.
Additionally, “we will make sure they have another three months of health insurance coverage”.
The company said it will provide full support to the affected employees, including career counseling and job placement assistance.
“Our priorities continue to streamline processes, boost productivity and match resources to our long-term growth goals,” said a company spokesperson.
The layoffs at Chingari, one of the leading Indian short video apps, happened due to its co-founder Aditya Kothari leaving the startup recently.
As reported late last year, Chingari had over 160 million users in over 15 languages. It had over 5 million daily active users (DAU) and 40 million monthly active users (MAU).
Chingari’s crypto token GARI powers India’s only blockchain-based social information platform.
In October 2021, Chingari raised over $19 million for its token round from over 30 venture funds and individual investors.
VC firms that participated in the funding round include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Culture3 Capital, Long Term Ventures, Afton Capital Are included. , CSP DAO, among others.