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Swiggy To Layoff 10% Of Its 6000-Strong Workforce: Report

Swiggy laid off 1,100 employees in May 2020, and fired another 350 July last year

Swiggy To Layoff 10% Of Its 6000-Strong Workforce: Report
POSTED ON January 19, 2023 3:27 PM

Food tech decacorn Swiggy is planning to trim down eight to ten per cent of its 6,000 strong-workforce. A Financial Express (FE) report pointed out that this layoff will impact employees from the product, engineering and operation departments. 

The company announced plans to fire 250 staff in 2022, close on the heels of its rival company Zomato's plans to cut employee numbers by three per cent. 

“We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance,” the company told the Economic Times (ET) last year. 

This time, the company has not responded to queries sent by the FE. 

In the financial year (FY) 2022, the company doubled its losses to 3,628.90 crore from Rs 1,616.90 crore. It also witnessed a 124 per cent surge in revenues to Rs 5,705 crore from Rs 2,547 crore in the same financial year. 

The Indian tech sector witnessed major hardships in 2022. Nearly 18,000 employees lost their jobs. Highly valued unicorns like Byju's, Unacademy and Vedantu were seen to cut down employee numbers. Byju's announced a planned rationalisation of its 5000-strong employee numbers. Edtech platform Unacademy laid off 1,100 employees and in November 2022, Vedantu also fired 350 staff to keep its business profitable. 

This year has not offered any difference. It started with the news of Harappa–an upGrad-owned company laying off 60 employees. More than half a dozen companies have fired their employees till now. 

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