Swiggy to cut 8-10 % of its workforce; product engineering & operations team to be affected
- ByStartupStory | January 20, 2023
According to Financial Express, Swiggy, a food delivery company, will cut 8-10% of its 6,000-strong workforce amid a funding slowdown.
The layoffs are said to be conducted in the product, engineering, and operations teams, said the report.
According to the report, several employees were placed on a performance improvement plan following a performance review in October. It also stated that Swiggy had delayed filing preliminary papers for its public listing due to the poor performance of Indian and international tech stocks.
The company reported revenue of Rs 5,705 crore for the fiscal year 2021-22 earlier this month, up from Rs 2,457 crore in FY20-21. However, losses increased to Rs 3,629 crore in comparison to Rs 1,617 crore the previous year. Expenses increased to Rs 9,574 crore (Rs 4,139 crore), owing to an increase in product procurement and advertising costs.
The food delivery company aims to turn operationally profitable before its upcoming IPO.
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