Hello guys welcome to my blog once again. Today I am going to write about Swiggy layoffs of 380 employees let's get into the blog.

The most recent company to announce employee layoffs was Swiggy. As part of its most recent round of layoffs, the business is eliminating 380 employees. Swiggy sent emails to anyone who may be affected announcing plans to fire hundreds of workers. According to earlier reports that appeared in December, Swiggy may begin firing more than 250 workers in January, or up to 5% of its staff.

The CEO of the food delivery firm, Sriharsha Majety, has apologised for Swiggy's decision to reduce headcounts and provided a number of justifications for the layoffs.

"As part of a reorganisation process, we're putting into action a very painful choice to reduce the size of our workforce. We will be saying farewell to 380 talented Swiggsters during this process. I regret having to make this decision, which was very tough to make after considering all of the possibilities, and I apologise to all of you "the CEO of the business remarked.

Why is Swiggy letting go of hundreds of workers?

Numerous media sources state that Swiggy intends to eliminate 600 more positions, reducing its staff by 8 to 10%. The difficult macroeconomic conditions the company is experiencing are one of the main causes listed by the company. It was discovered that the growth rate for food delivery had decreased, which had contributed to fewer revenues and earnings. The management has also attributed its choice to fire workers on "overhiring."

"Companies (public and private) all around the world have been adjusting to the new normal over the past year under challenging macroeconomic conditions, with updated investment horizons and hastened timetables for profitability. We are not an exception to this rule and have already accelerated our own timetables for profitability on Instamart and food delivery. Although we are fundamentally well-positioned to weather challenging circumstances thanks to our cash reserves, we cannot use this as a crutch and must continue finding ways to save money in order to preserve our long-term viability "said the CEO.

The CEO further highlighted that, contrary to the company's expectations, the growth rate for food delivery has halted. In order to achieve our profitability targets, the organisation had to review our total indirect costs.

Two months have passed after Zomato sacked about 3% of its 3,800 employees in November 2022 before the development at Swiggy.

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