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Swiggy to lay off another 350 employees

BENGALURU: Finally Swiggy has decided to let go of another 350 employees, in what is being termed as the final restructuring.

According to Swiggy, the food tech industry has recovered only to about 50%, as it was expecting a sharper comeback, from the covid-crisis.

"In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-covid-19 levels in the near-term. However, with the industry still only having recovered to about 50 per cent of its peak, we have to, unfortunately, go ahead with this final realignment exercise, which will result in the net loss of 350 jobs," said Swiggy in a statement.

A Swiggy spokesperson said this is the final restructuring exercise, undertaken by the foodtech major, with no additional layoffs expected in the coming months.

Swiggy said it will provide a minimum three to eight months of salary, including an extra month of ex-gratia for every year served in addition to their notice period pay, to its laid off employee base.