Swiggy Lays off 540 employees

Swiggy is considering another round of layoffs amid a funding slowdown. In order to rationalise costs the food and grocery delivery platform is planning to slash 8-10 per cent of its 6,000-strong workforce, The Financial Express reported on Thursday.

The report said the planned layoffs are likely to impact employees in product, engineering, and operation departments the most. Swiggy has said previously that it is aiming to be operationally profitable before its IPO, which has been delayed to the latter half of this year due to the poor performance of tech stocks in recent months.

The company reportedly concluded its performance review in October 2022, following which several employees were put under a performance improvement plan (PIP).

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