Indian food tech unicorn Swiggy plans to lay off 250 employees across departments including supply chain, technology, operations and customer service, as part of its restructuring process, The Economic Times reported.
The development came weeks after Swiggy’s competitor, Zomato, announced plants cut down the employee number by 3 per cent to combat the economic downturn.
“We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance,” the company said while answering some queries from The Economic Times.
Tech layoffs have been one of the centrally discussed issues in the country at this point. A Moneycontrol report points out that nearly 18,000 employees have been terminated by tech start-ups since the beginning of 2022.
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Considering the present scenario, tech experts are anxious that the next year can bring more hardships than this year. In his tweet, the Unacademy founder and CEO, Gaurav Munjal, said 2023 would be more difficult than 2022.
Kalyan Krishnamurthy, the CEO of Flipkart, seconded Munjal’s thought by saying “The next 12 to 18 months is where we will see a lot of turmoil and volatility, post which I think things will be much better," in The Economic Times Start-Up Award.
Globally, tech giants are taking harsh measures to keep their businesses on profitability track. After the takeover by Elon Musk, Twitter laid off 7,500 employees. Mark Zuckerberg-led Meta also fired its 13 per cent of employees. Google also announced that it would be letting 10,000 low-performing employees go.
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