Swiggy is said to have had let go of 380 employees in January 2023 and even shut its meat marketplace in a bid to lower costs.
This is the second round of layoffs at Swiggy after it had slashed down on 380 jobs in January 2023.
IPO-bound Swiggy is preparing to layoff 400 employees in a restructuring move to go public.
People aware of the developments are saying that this is the second round of layoffs at the food tech giant.
The Bengaluru-based company had let go of 380 employees in January 2023 and even shut its meat marketplace in a bid to lower costs as mentioned earlier.
The latest cost cut drive is likely to affect around 7 percent of Swiggy's workforce. The company has around 6,000 employees on its payroll.
The tech, call centre and corporate teams are likely to be hit hardest, said one of the people in the company's management.
The move to cut costs seems to be coming at a time when Swiggy is planning to list itself on the stock exchanges later this year stated CEO Sriharsha Mejety in Davos earlier this month. He has also said that IPO operations are underway, but refused to give us a specific timeline.
Majety is said to have reported that the food delivery business has slowed down faster than expected because companies are penetrating deeper into more geographies. As the business grows at a slower clip, Instamart, the company's quick-commerce business, will be Swiggy's growth driver in the years to come, he said.
Swiggy is eyeing a public market listing later this year and has even likely lined up investment bankers for the IPO.
