Swiggy Layoffs 2024: Online Food Delivery Company Announces To Lay Off 400 Employees, About 6% Workforce From Tech and Operations Teams Ahead of IPO
Swiggy has reportedly announced to cut more jobs in its second round of layoffs in 2024 from tech and operations teams ahead of IPO. The online food delivery company expects to raise $1 billion by the end of 2024.
New Delhi, January 25: In early January 2024, many tech giants and e-commerce companies announced layoffs from different departments. Companies like Google, Amazon, Meta, BlackRock and many others have laid off hundreds of employees due to plans of restructuring and reducing costs. This week, companies like Aurora and Google's X laid off their employees from their departments for automation and AI adoption.
According to the new reports, Swiggy also announced to cut 400 jobs in its second layoffs round in 2024. The food delivery company will reportedly lay off about 6% of its workforce from tech and operations teams. As per the reports, the Swiggy layoffs are implemented "to bolster finances" before the IPO, where the company is expected to raise $1 billion in late 2024. Aurora Layoffs 2024: Autonomous Vehicle Technology Firm Lays Off 3% of Its Workforce, Hopes To Introduce up to 20 Driverless Class 8 Trucks By End of 2024.
In January 2023, the company had to let go of 380 employees from operations, product and engineering teams and shut down the meat marketplace in a bid to lower costs. Now, Swiggy has reportedly joined other companies like Paytm and Flipkart that have sacked employees to streamline costs or as a part of business restructuring plans. As per the reports, the Swiggy layoffs are expected to begin slowly in the coming weeks.
The report by ET Now News mentioned that Swiggy will launch its initial public offering of around $1 billion later in 2024 and a minimum of $600 million in offers for sale by existing investors. The report also highlighted that Swiggy was the first platform that charged platform fees, restaurant charges, GST and delivery rates. As per the report, the platform currently charges Rs 3 from most of the users. SAP Layoffs 2024: Cloud Software Major’s Restructuring Programme To Affect Approximately 8,000 Jobs.
According to the report by Moneycontrol, the Swiggy has nearly 6,000 employees on the payroll and the company also informed that the delivery business had "slowed down faster than expected" due to the companies penetrating deeper into the geographies.
(The above story first appeared on LatestLY on Jan 25, 2024 06:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).