Retrenchment on Swiggy, Food Delivery Company is Planning to Fire Up to 10% of Employees

Arpa Times January 20, 2023

Swiggy Layoffs : Big news related to Swiggy company, which provides online food delivery service in the country, is coming out. Employees in Swiggy are going to be hit soon. The company is going to decide on the retrenchment of its employees. Even before this, food and grocery delivery company Swiggy has shown the way out to its employees.

Swiggy Layoffs : Employees will Fire

Once again, the Swiggy platform is preparing a plan to lay off 8-10 percent of its employees out of its total workforce of 6,000. The biggest reason behind this retrenchment is coming to the fore. Less funding in Swiggy is a major reason for this. The company is facing problems due to this slowdown. After which another round of retrenchment is being considered in the company.

Swiggy Layoffs : Employees Poor Performance

According to media reports, this time the employees of product, engineering and operation departments have affect the most in the retrenchment. Swiggy had said that before bringing its IPO, it has target to operationally profitable. Lately, due to the poor performance of tech stocks, there has a lot of delay in the later half of this year.

Increased Work Pressure on Employee

In the month of October 2022, Swiggy Company had completed its performance review. After this all the employees were place under the Performance Improvement Plan. Swiggy employees are facing heavy work pressure as the management is reshuffling the teams working in Swiggy. Also, the positive unit is affecting the economics before launching the IPO.

Swiggy Doubles Loss

According to media reports, Swiggy’s loss in the financial year 2022 (FY22) had more than double to Rs 3,628.90 crore. The Swiggy company has incure this loss due to increasing its gross revenue. In FY22, Swiggy’s gross revenue has increase by 124 percent to Rs 5,705 crore. Whereas in the last year 2021, the gross revenue of the company was Rs 2,547 crore.