Flipkart, owned by Walmart, is reportedly undergoing a workforce reduction, aiming to decrease its total team size by 5-7 per cent by March-April, as part of ongoing performance reviews.  

This is part of the company’s regular performance reviews, The Economic Times reported citing people aware of the development.

The company has been doing similar job reductions for the past two years, the report added. The details of these changes and their plans for 2024 will be discussed in a meeting of senior executives next month. Despite these changes, there are no plans to go public (IPO) in 2024. 

In the last two years, Flipkart has been reducing jobs based on performance. the company has also stopped hiring new workforce to optimise its business.

For several months, Flipkart has been actively working on creating internal synergies. In September of last year, the company merged crucial technology and product roles from its recent acquisitions, Cleartrip (travel) and Flipkart Health Plus (epharmacy), into the core commerce team, aiming to streamline its operations.   

Since the beginning of the funding slowdown in Q1 2022, more than 35,000 employees in start-ups have lost their jobs, reported INC42.  

Last year, tech companies around the world conducted layoffs amid fears of a global recession. 

According to Layoffs, a website that tracks layoffs, between January 1 and December 31 last year, 1,179 tech companies around the world laid off more than 2.61 lakh people. These companies included big tech giants like Google, Microsoft, Qualcomm and Amazon. Globally, approximately 1.61 lakh employees were laid off from the tech sector in 2022.