Temasek-backed Mohalla Tech lays off 115 employees, shuts down fantasy gaming vertical Jeet11

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Temasek Holdings-backed Mohalla Tech, the parent of ShareChat and Moj, has ceased operations of fantasy sports platform Jeet11, laying off nearly 5 percent of its employees.

Given that the company’s total team strength is over 2,300, the move will impact about 115 employees.

“As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganized some of our functions, which meant movement of this talent within teams and a few employee exits. This process has impacted less than 5% of our employees,” a ShareChat spokesperson told Moneycontrol.

The spokesperson added, “We continue to focus on robust growth and hiring across various functions and roles as per our plans. To succeed as India’s fastest-growing social media company, we assess our strategy regularly and make necessary changes to achieve our vision.”

News platform Inc42 reported the development first.

Jeet11 was launched in February 2020, to compete with peers such as Dream11 and Mobile Premier League (MPL).

Mohalla Tech is currently valued at about $4.9 billion after having raised $78 million as part of its Series H funding round from Google’s parent Alphabet and Singapore-based Temasek Holdings earlier this year.

The unicorn’s other prominent investors include microblogging giant Twitter, Lightspeed Venture Partners, Elevation Capital, India Quotient and Morningside Venture Capital, to name a few.