BANGALORE: Swiggy joins the lay off bandwagon! It 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. The decision, which affects around 3 percent of its 6,000-strong staff, was communicated to employees at a town hall today.
“We’re implementing a very difficult decision to reduce the size of our team as a part of a restructuring exercise. In this process, we will be bidding goodbye to 380 talented Swiggsters. This has been an extremely difficult decision taken after exploring all available options, and I’m extremely sorry to all of you for having to go through with this,” the company’s CEO said.
The employees who have been fired will receive a cash payout of three to six months of salary, based on their tenure and grade. This includes a 100 percent payout of variable pay/ incentives. The joining bonus and retention bonus paid out will be waived.
Swiggy- the latest in the series of layoffs that have rocked India’s startup ecosystem. Twitter, Microsoft, Amazon, and several other tech firms have been on a lay off spree since the fourth quarter of 2022.