“Swiggy Announces Layoffs: 400 Employees Cut in Cost-Cutting Move Ahead of IPO”
In a move to optimize costs ahead of its anticipated Initial Public Offering (IPO), food delivery platform Swiggy is reportedly set to lay off 400 employees in a second round of job cuts. This decision comes a year after the company bid farewell to 380 employees as part of a restructuring exercise.
In a move to optimize costs ahead of its anticipated Initial Public Offering (IPO), food delivery platform Swiggy is reportedly set to lay off 400 employees in a second round of job cuts. This decision comes a year after the company bid farewell to 380 employees as part of a restructuring exercise.
Reports indicate that the upcoming layoffs will affect approximately 7% of Swiggy’s workforce, comprising around 6,000 employees. Employees in technology, customer service, and corporate roles are expected to bear the brunt of these job cuts.
The timing of these layoffs aligns with Swiggy’s strategic preparations for its IPO. The company aims to enhance its financials by streamlining operations and reducing costs as it progresses towards becoming a publicly-listed entity. Although the specific timeframe for the layoffs remains undisclosed, reports suggest that the process will unfold over the next few weeks.
During the previous round of job cuts, Swiggy assured affected employees of a comprehensive Employee Assistance Plan to support their financial and physical well-being during the transitional period. CEO Sriharsha Majety, in an email to employees last year, expressed regret over the difficult decision and emphasized the exploration of all available options before resorting to layoffs.
The tech sector, including industry giants like Amazon, Google’s parent company Alphabet, Microsoft, and Meta, has witnessed widespread layoffs over the past year. As artificial intelligence permeates various sectors, tech companies are reassessing their hiring needs, contributing to a shift in employment dynamics.
In January alone, the tech industry saw over 7,500 job cuts, according to tracking website Layoffs.fyi. Swiggy’s decision to reduce its workforce underscores the broader trends in the tech sector and highlights the company’s proactive measures to navigate challenges and position itself favorably in the lead-up to its IPO.
Sources By Agencies
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