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 Imphal-Andro Bad Road Issue: Protestors Cut Power Supply to Manipur Secretariat
26th July 2024Live Meghalaya Pressure Groups Stop Vehicles from Assam from Entering State, 10 Arrested; Additional Forces To Be Deployed
26th July 2024Live Sikkim MP Indra Hang Subba meets Union Education Minister Dharmendra Pradhan, Seeks CBSE Affiliation for State’s Indigenous Languages
26th July 2024Live Assam Rifles Commemorates 25th Kargil Vijay Diwas with Exhibition and Documentary Screening in Manipur
26th July 2024WE RECOMMEND
BJP appoints new state chief for Bihar and Rajasthan, announces new state in-charges and co-in-charges
The party has announced Rajdeep Roy as in charge of Northeastern state of Tripura.
26th July 2024PM Modi to visit Drass today to commemorate 25th anniversary of Kargil Vijay Diwas
The arrangements are in full accordance with security purposes at the Kargil War Memorial at Dras, ahead of the Prime Minister's visit
26th July 2024WB BJP President’s Proposal To Include North Bengal With Northeast Stirs Political Controversy
TMC hits back at Sukanta Majumdar, says the WB BJP president trying to provoke people
25th July 2024President Renames Rashrapati Bhavan’s Durbar Hall & Ashok Hall
Rashtrapati Bhavan's Durbar Hall has been renamed Ganatantra Mandap, and the Ashok Hall has been renamed Ashok Mandap
25th July 2024UPSC All Set To Revamp Its Examination System
As per reports, the commission intends to integrate cutting-edge Aadhaar-based fingerprint authentication and facial recognition for candidates
25th July 2024