Swiggy Layoff 2024

Swiggy, the online food delivery company, is set to undergo layoffs. As part of this decision, 400 employees of the company will be losing their jobs. Sources familiar with the matter have informed Manikantrol that the company has decided on this restructuring. This marks the company’s second round of layoffs. It’s worth noting that several companies have recently announced layoffs at the beginning of the new year. Earlier, the Bangalore-based company had laid off 380 employees in January 2023 and also closed its meat marketplace to cut costs.

Swiggy Layoff: Layoffs to affect the tech and operations teams

The impact of this layoff is expected to affect around 7% of Swiggy’s workforce. Manikantrol has learned that the company has approximately 6,000 people on its payroll. Sources have revealed that teams such as tech and operations will be the most affected by this layoff. The company has not provided answers to Manikantrol’s questions at the moment.

Preparation for IPO

Swiggy is gearing up to launch its IPO. Manikantrol had previously reported that the company is preparing to go public by the end of this year. The company has likely engaged investment bankers for this purpose. Now, before the IPO, the company has made the decision to undergo cost-cutting through layoffs. Swiggy’s CEO, Sriharsha Majety, had informed Manikantrol in Davos earlier this month that the slowdown in food delivery is due to expanding into more areas, making it slower than before.

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