As part of the restructuring exercise, food delivery platform Swiggy on Friday said that it is "bidding goodbye to 380 talented Swiggsters". Swiggy CEO Sriharsha Majety said it was an "extremely difficult decision."
A comprehensive Employee Assistance Plan will help impacted employees with their financial, and physical well-being during the transition, the company said.
"We're implementing a very difficult decision to reduce the size of our team as a part of the 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," CEO Majety said in an email to employees.
Earlier, Twitter, Amazon, Goldman Sachs, and Microsoft also started laying off their employees.
The CEO in the mail also said that the company is committed to exploring new business opportunities but has also taken a "harder look" at some of its existing new verticals.
"Effective very soon, we will be shutting down our Meat marketplace. While the team has done exceptionally well with solid inputs, we haven't hit product-market fit here despite our iterations. From a customer perspective, we will still continue to offer meat delivery through Instamart. We will continue to stay invested in all other new verticals," the mail said.
Companies around the world are adjusting to the new normal, under the challenging macroeconomic conditions, said Majety.
"We're no exception here and have already advanced our own timelines for profitability on food delivery and Instamart. While our cash reserves allow us to be fundamentally well positioned to weather harsh circumstances, we cannot make this a crutch and must continue identifying efficiencies to secure our long-term," he said.
