Food and grocery delivery collector Swiggy has laid off 380 employees or nearly 6% of its 6,000-strong staff, attractive the latest to join the flurry of layoffs in India’s startup ecosystem.
Tech companies have ramped up their cost-cutting measures, with layoffs being the primary ones. Already this year, by its third week, finished 1,500 employees have been fired by Indian startups, while the quantity was higher for US-based tech giants with Microsoft which laid off about 10,000 employees previous this week.
The hoard platform’s co-founder and chief govt, Sriharsha Majety quoted macroeconomic headwinds and a shrinking growth of meal supply companies as the rationale for the layoffs.
“We’re implementing a troublesome choice to cut back the scale of our crew as part of a rearrangement train. On this course of, we shall be requested goodbye to 380 workers,“ Majety cited in an inner e-mail to workers.
Whereas our money funds permit us to be essentially nicely positioned to climate harsh conditions, we can not make this a crutch and must proceed to figure out efficiencies to safe our long-term,” he stated, including, “our over-hiring is a case of poor judgment, and the corporate’s management ought to perform higher.”
All of its 6,000 workforce are full-time ones, listed on Swiggy’s payrolls. The placed-off workers don’t embrace any pledged employees similar to its supply companions.