Swiggy to cut 8-10% of workforce amid funding winter: Report
Food delivery companywill cut 8-10% of its 6,000-strong workforce amid a funding slowdown, Financial Express has reported.
The layoffs would be in the product, engineering, and operations teams, said the report.
YourStory has reached out to the company for a comment on this.
In a performance review conducted in October, several employees were said to have been put under a performance improvement plan, according to the report. It also said that Swiggy had delayed filing preliminary papers for its public listing due to the poor performance of tech stocks in India and abroad.
Earlier this month, the company reported a revenue of Rs 5,705 crore for the financial year 2021-22, up from Rs 2,457 crore in FY20-21. However losses widened to Rs 3,629 crore, against Rs 1,617 crore the previous year. Expenses shot to Rs 9,574 crore (Rs 4,139 crore), led by an increase in the cost of product procurement and advertising expenses.
The report also said the company aims to turn operationally profitable before its upcoming IPO.
Edited by Swetha Kannan