Mohalla Tech, the parent of the social media platform ShareChat, is shutting down its fantasy sports platform Jeet11. The company is also laying off nearly 5% of employees. Mohalla Tech currently has over 2,300 employees. So this layoff will impact around 115 people.
As per a report by TechCrunch, the company sent an email to affected employees last month
Jeet11 was launched in February 2020 to compete against Dream11 and MPL. The platform was similar fantasy sports platform but couldn’t gain users’ attention.
Mohalla Tech is currently valued at about $5 billion after its recent $520 million funding round from Alphabet Temasek Holdings. Other notable investors include Twitter, Lightspeed Venture Partners, Elevation Capital, India Quotient, and Morningside Venture Capital.
Fantasy sports is a big market in the country and Dream11 is enjoying the majority of the market share. Investors are also putting good money into fantasy sports platforms. Due to the popularity of Fantasy sports, Google even began allowing these a[[s on the Play Store.
