Swiggy Lays Off 380 Employees, CEO Says “Extremely Difficult Decision”
First Published: 20th January, 2023 13:31 IST
The company said it has put together a comprehensive Employee Assistance Plan which will help impacted employees with their financial, physical well being during the transition
Food delivery platform Swiggy on Friday said it is “bidding goodbye to 380 talented Swiggsters” as part of a restructuring exercise, adding it was an “extremely difficult decision”.
The company said it has put together a comprehensive Employee Assistance Plan which will help impacted employees with their financial, physical well being during the transition, an NDTV report said.
“We’re implementing a very difficult decision to reduce the size of our team as a part of a restructuring exercise. In this process, we will be bidding goodbye to 380 talented Swiggsters. This has been an extremely difficult decision taken after exploring all available options, and I’m extremely sorry to all of you for having to go through with this,” CEO Sriharsha Majety said in an email to employees this morning.
The decision follows layoffs in Twitter, Amazon, Goldman Sachs, Microsoft, among others.
The CEO said the company is committed to exploring new business opportunities but has also taken a “harder look” at some of its existing new verticals.
“Effective very soon, we will be shutting down our Meat marketplace. While the team has done exceptionally well with solid inputs, we haven’t hit product market fit here despite our iterations. From a customer perspective, we will still continue to offer meat delivery through Instamart. We will continue to stay invested in all other new verticals,” the mail said.
Mr Majety said over the last year, under challenging macroeconomic conditions, companies around the world are adjusting to the new normal.
“We’re no exception here, and have already advanced our own timelines for profitability on food delivery and Instamart. While our cash reserves allow us to be fundamentally well positioned to weather harsh circumstances, we cannot make this a crutch and must continue identifying efficiencies to secure our long-term,” he said.
Also Read: Bombay HC grants bail to Videocon chairman in ICICI loan fraud case
COMMENTS
TOPMOST STORY NOW
Live Water Tank Tragedy: Bereaved Families Demand High-Level Probe and Action Against School
23rd December 2024Live Bangladesh requests India to send Sheikh Hasina back
23rd December 2024Live Manipur CM Thanks Assam CM For Allowing IRB Recruits From Manipur to Train at Police Academy in Dergaon
23rd December 2024Live Water Tank Tragedy: Kin of Deceased Student Demands Sealing of School, High Level Probe
23rd December 2024WE RECOMMEND
Epigamia Co-Founder Rohan Mirchandani Passes Away at 41 Due to Heart Attack
The company’s leadership decided to continue to manage the business.
23rd December 20247 Indian nationals injured in Magdeburg Christmas market attack
Of these,three have been discharged from the hospital, while the Indian Mission is closely monitoring the condition of the remaining victims.
22nd December 2024Nagaland MP Accuses Rahul Gandhi of Standing Too Close to Her, Making Her Feel Uncomfortable
MP Phangnon Konyak has filed a complaint with Rajya Sabha Chairman against Congress leader Rahul Gandhi
19th December 2024GRAP Stage IV reintroduced in NCR as AQI breaches 400 mark
This comes after the Air Quality Index in Delhi breached the 400 mark. AQI was recorded as 399 at 9 pm and 401 at 10 pm.
17th December 2024India, Bangladesh to commemorate 1971 war ‘Vijay Diwas’ with annual exchange of veterans today
The event also gave an opportunity to the tribal community to showcase their talent.
16th December 2024