Swiggy lays off 380 employees as food delivery projections slowed down
1 year, 11 months ago

Swiggy lays off 380 employees as food delivery projections slowed down

The Hindu  

Swiggy, the foodtech delivery platform, on Friday announced it is laying off 380 employees citing challenging macroeconomic conditions. Swiggy founder and CEO Sriharsha Majety said, “I’m extremely sorry to all of you for having to go through with this.” According to Majety, in 2021, driven by a surge in demand during the second covid wave, company’s food delivery business grew very strongly. From a customer perspective, we will still continue to offer meat delivery through Instamart.” Swiggy has put Employee Assistance Plan to help impacted employees during the transition. The impacted Swiggy employees will get sash payout between 3-6 months based on their tenure and grade will receive either an assured three months pay or Notice period + 15 days ex-gratia for every completed year of service + balance earned leave as per policy whichever is higher.

Food Delivery Swiggy Ceo Delivery Projections  lays  employees  costs  slowed  380  majety  swiggy  ceo  business  months  continue  delivery  projections  policy  food

History of this topic

Swiggy eyes profitability by Q3 of FY26
3 weeks ago

Swiggy eyes profitability by Q3 of FY26

New Indian Express  

BENGALURU: Food delivery platform Swiggy at the consolidated group level aims to turn operationally profitable by October-December 2025. Swiggy’s food delivery business is profitable on an adjusted EBITDA basis and it is ramping up margins steadily every quarter. Sriharsha Majety, co-founder, MD & Group CEO, in a letter to shareholders said food delivery business’ GOV grew 5.6% QoQ in Q2FY25. …

How Swiggy listing turns its hundreds of employees into crorepatis overnight
1 month, 1 week ago

How Swiggy listing turns its hundreds of employees into crorepatis overnight

New Indian Express  

Shares of food delivery giant Swiggy, which debuted on the stock market on Wednesday following a successful IPO, began trading at a 7.7 percent premium over the offer price of Rs 390 per share on their first day. Before this, Flipkart executed a similar initiative, distributing a staggering 1.4-1.5 billion shares to its current and former employees, marking one of …

Gig workers step in as commute turns tiresome
9 months ago

Gig workers step in as commute turns tiresome

The Hindu  

One cannot step on the streets without noticing those in red, orange, green, and now dark blue T-shirts. Better paying job Ganesh, who recently switched from a food delivery app to a plain delivery app, says he took up the second job since it pays better. Tamil Nadu Food and Other Delivery Personnel Union leader S. Ramakrishna says that a …

Laid off Swiggy employee says he applied for 100+ jobs every day and still didn't get any job
1 year, 5 months ago

Laid off Swiggy employee says he applied for 100+ jobs every day and still didn't get any job

India Today  

The start of this year has not been peaceful for the tech and startup industry. In addition to the job loss, what has made things worse for the impacted employees is that they have not been able to find new job roles. Struggling through these difficult times, many individuals are sharing their struggle stories on LinkedIn and requesting help from …

Swiggy lays off over 6% staff to tame costs
1 year, 11 months ago

Swiggy lays off over 6% staff to tame costs

Live Mint  

Food and grocery delivery aggregator Swiggy has laid off 380 employees or nearly 6% of its 6,000-strong staff, becoming the latest to join the flurry of layoffs in India’s startup ecosystem. The delivery platform’s co-founder and chief executive, Sriharsha Majety cited macroeconomic headwinds and a shrinking growth of food delivery businesses as the reason behind the layoffs. “While our cash …

Online food delivery platform Swiggy to lay off 380 employees: Report
1 year, 11 months ago

Online food delivery platform Swiggy to lay off 380 employees: Report

Hindustan Times  

Online food delivery platform Swiggy is reportedly laying off 380 employees and shutting down its meat marketplace, a move which its co-founder and chief executive officer termed as ‘difficult decision'. In an internal email to his employees, co-founder and CEO Sriharsha Majety said the company had advanced its plans for profitability and needed to make difficult decisions to conserve cash, …

Swiggy to lay off hundreds of employees. CEO says ‘two things happened in 2022’
1 year, 11 months ago

Swiggy to lay off hundreds of employees. CEO says ‘two things happened in 2022’

Live Mint  

Indian food delivery firm Swiggy on Friday said it will lay off 380 employees out of its 6,000 strong work force, citing challenging macroeconomic conditions and slowdown in growth of its food delivery business. Our overhiring is a case of poor judgement, and I should’ve done better here.” The CEO said in 2022, two things happened. While we’d already initiated …

Swiggy fires 380 employees, CEO apologizes and says company overhired
1 year, 11 months ago

Swiggy fires 380 employees, CEO apologizes and says company overhired

India Today  

Swiggy has announced that it is firing 380 employees as part of its latest layoff process. The food delivery company's CEO Sriharsha Majety has given several reasons for the layoff and apologized for the decision that Swiggy has taken to reduce headcounts. "While we’d already initiated actions on other indirect costs like infrastructure, office/facilities, etc, we needed to right-size our …

Is Swiggy planning to lay off staff because of the losses?
1 year, 11 months ago

Is Swiggy planning to lay off staff because of the losses?

India TV News  

Swiggy, an online food delivery platform has reported that the company has been facing losses which are doubled the previous amount witnessed. According to its annual financial statement with the Registrar of Companies, during the last quarter of FY22, Swiggy turned "decacorn" after raising a $700 million round led by Invesco. Furthermore, Swiggy's revenue grew 2.2 times to Rs 5,705 …

Discover Related