Swiggy layoffs

Swiggy will let go 380 of its employees amid the slowdown in food delivery growth, with CEO Sriharsha Majety acknowledging their overhiring was "poor judgement". Other Swiggy executives also opened up about the "difficult decision", taking to social media to help connect their colleagues with career opportunities. Saptarshi Prakash, director of design at Swiggy, said the layoffs marked the "toughest day of my professional life". He wrote on LinkedIn that nine Swiggy designers, both freshers and those with years of experience, were being let go. Swiggy lays off 380 employees as startup winter deepens "No words can express the contribution that they had made for Swiggy — Our product is the living testimony," he said. "I often get approached by leaders of the industry, asking for referrals for great designers," Prakash added. "Today, although with a heavy heart, I proudly present 9 of the best designers you can find in India. I’m 100% confident that they will add massive value to whichever company they choose to go next." Many LinkedIn users expressed in hiring the laid off designers. Swiggy joins the growing list of Indian companies initiating job cuts. In recent weeks, Ola fired 2,100 workers, Byju's let go 2,500, Unacademy 1,190, Vedantu 1,109, Meesho 450 and Udaan 530 and According to data collected by Moneycontrol, at least 20,000 professionals have been fired since the beginning of 2022. In January 2023 alone, over 1,000 were laid off. More Indian employees are impacted...

Times are not good for tech companies. We wll talk about Swiggy layoffs in 2023. The Swiggy is mainly focused in Food industry. Swiggy headquater The Swiggy’s headquarter is at Bengaluru, India. Swiggy funding The Swiggy is currently at the Unknown stage. It has raised around $2.9B from it’s investors. Meet Matt Adam, our lead writer covering Layoffs Tracking and News in major companies. With over 5 years of experience in business journalism, Matt has a deep understanding of the corporate world and the impact of layoffs on both employees and companies. Before joining our team, Matt worked as a financial reporter for a leading business news outlet, where he covered some of the biggest layoffs and restructuring stories in the tech and financial industries. His expertise in analyzing financial reports and industry trends has earned him a reputation as a reliable source of information on layoffs. At Layoffspeida, Matt uses his knowledge and expertise to provide in-depth coverage of layoffs and restructuring announcements, as well as the broader economic and business trends affecting the job market. With a keen eye for detail and a passion for storytelling, he delivers the latest news and insights on layoffs to our readers. Follow Matt on LAYOFFSPEIDA for the latest updates and analysis on layoffs and the impact on the job market. Times are not good for tech companies. We wll talk about Blend layoffs in 2023. The Blend is mainly focused in Finance industry. Blend headquater The...

Swiggy layoffs 2023: Food delivery company likely to sack 600 employees Swiggy layoffs 2023: Online food delivery platform Swiggy is likely to lay off up to 10 per cent of its employees, or about 600 workers, after an extensive performance review that was concluded late last year, amid global uncertainties and recession fears. • • • • • Swiggy layoffs 2023: Online food delivery platform Swiggy is likely to lay off up to 10 per cent of its employees, or about 600 workers, after an extensive performance review that was concluded late last year, amid global uncertainties and recession fears.Sources told IANS that the upcoming layoffs at Swiggy are likely to impact verticals like product, engineering and operation at the company.The upcoming layoffs are also expected to impact Swiggy's quick commerce delivery service Instamart to reduce cash burn. However, the number of layoff employees is set to go further up, according to sources, after the completion of the performance cycle in October. The company employs close to 6,000 workers.In an earlier statement, Swiggy had said there were no layoffs and with every performance cycle, "we expect exits based on performance".The online food delivery platform's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year. Click Here For Latest Updates On Stock Market | Zee Business Live Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22, according to its annual financial statement with the Regi...

Cookies on the Economic Times website Economic Times has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings,we'll assume that you are happy to receive all cookies on the Economic Times website. However, you can change your cookie setting at any time by clicking on our Two of the sources said the layoffs could go beyond 250 in coming months while another said people across supply chain, operations, customer service and technology roles will be affected. Swiggy in an emailed response told ET that there have been no layoffs yet, but did not rule out any firing this month or the near future. ADVERTISEMENT According to a company insider, Swiggy’s head of human resources Girish Menon informed employees about the performance-based exits in a recently concluded town hall. The company has started restructuring its teams, the person said. Swiggy is moving employees from its grocery delivery service According to brokerage firm Jefferies, Swiggy’s losses during the January-June period were “much higher at over $315 million”, compared to approximately $50 million in losses Some industry executives indicated that there could be more layoffs in the coming months as Swiggy is planning to rely on a leaner team to function its various businesses going forward. ADVERTISEMENT “Major rationalisation exercise is being planned,” a person privy to the matter said on the condition of ...

Swiggy has announced that it will lay off 380 employees as part of its latest redundancy process. The company emailed affected employees to inform them of its plan to lay off hundreds of workers. The CEO of the food delivery company, Sriharsha Majety, has given various reasons for the dismissal and apologized for Swiggy's decision to reduce staff. "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," Swiggy said. Why is Swiggy laying off 380 employees? One main reason is the challenging macroeconomic conditions facing Swiggy. The company revealed that the growth rate of food delivery has slowed, which has translated into lower profits and revenue. Swiggy has also blamed "overhiring" for his decision to fire people. "Over the last year, under challenging macroeconomic conditions, companies around the world (public and private ) are adjusting to the new normal, with refreshed investment horizons and accelerated timelines for profitability. 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 cru...

Is Swiggy planning to lay off staff because of the losses? The upcoming layoffs at Swiggy will impact the company's quick commerce delivery service Instamart to reduce cash burn. In November 2022, global brokerage firm Jefferies said that Swiggy was fast losing market share to its rival Zomato despite offering heavy discounts. Image Source : SWIGGY Swiggy Swiggy, an online food delivery platform has reported that the company has been facing losses which are doubled the previous amount witnessed. The loss has excel to Rs 3,629 crore in the financial year 2022 (FY22) when compared to the last fiscal year which was Rs 1,617 crore. ALSO READ: Total expenses went up by 131 per cent to Rs 9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. ALSO READ: Furthermore, Swiggy's revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21. ALSO READ: According to Entrackr, outsourcing support costs accounted for 24.5 per cent of the total expenses of the company. This particular cost increased 2.3 times to Rs 2,350 crore in FY22 from Rs 1,031 crore in FY21. Its advertising and promotional expenses surged 4 times to reach Rs 1,848.7 crore during FY22, according to the report. Reports surfaced last month that Swiggy may lay off more than 250 employees or u...

Swiggy is expected to layoff 600 employees as the grocery-food delivery platform seeks to turn profitable ahead of its IPO later this year. Amid a funding winter, several tech platforms have been cutting costs and foodtech unicorn Swiggy too is likely to enter the club, media reports quoting sources say. The Financial Express reported that employees in the product, engineering and operation divisions are likely to hit with the job cuts. The mass layoffs come at a time when the company is looking to turn profitable ahead of its IPO later this year. The grocery and food delivery platform concluded its performance review exercise in October and has also put several employees under the performance improvement plan (PIP).

Swiggy has laid off 1,100 employees and shut cloud kitchen business. Here comes the full text of the company's statement about the ongoing situation and changes ahead. Dear Team, Thanks for attending the town hall today, and I hope you’re staying safe and well. As I’d mentioned during the session, today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise. With a heavy heart, I have tried to share the reasons and details of the process below, because you deserve to know. As you all know, we started chalking out an accelerated path to profitability for the food delivery business last December. We also started making great progress on our unit economics over the following months before Covid hit us. We had mentioned that we will be focusing on being efficient everywhere – including employee costs – and that we’d come back when we have greater clarity. As we came closer to chalking out the final details of that exercise, Covid hit us with another huge blow of uncertainty, forcing us to look even harder at our cost base and preparedness for the road ahead. While Covid might have long-term tailwinds for the delivery business and digital commerce when things settle eventually, nobody knows how long the uncertainty will last. We therefore need to be prepared to see through this winter, to emerge stronger on the other side. While all our hard work and some good luck has meant that we have had a stable setup all these years, we have to m...

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