Swiggy to trim headcounts around 400 before IPO

Swiggy to trim headcounts around 400 before IPO

Food delivery Platform Swiggy is likely to lay  off 400 employees, or around 6% of its total workforce, as part of a corporate realignment process as per media reports.It is likely to impact employees across sales, customer service, and tech teams.

This development comes at a time when Swiggy is looking to go for an initial public offering (IPO) this year. The company is making efforts to show improvement in its financial figures before going public.

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There are apprehensions that Swiggy might cut further roles in the tech and sales teams. Those employees who came at a very high salary are being shown the door, the report mentioned quoting the source. This is the second round of terminations of jobs undertaken by the platform in the past year. In January 2023, Swiggy fired 380 employees in a restructuring exercise.

Swiggy posted a consolidated net loss of INR 3,629 Cr in FY22, while its revenue stood at INR 5,704.9 Cr.

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February 2024

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