Online food delivery platform Swiggy is likely to terminated job of up to 10 percent of its employees, or about 600 workers, IANS reported.
The upcoming job cut at Swiggy is likely to impact verticals like product, engineering and operation at the company. The online food delivery platform employs close to 6,000 workers.
The upcoming layoffs are also expected to impact Swiggy’s quick commerce delivery service Instamart to reduce cash burn.
Swiggy’s revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21.
Swiggy’s loss doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year.
Total expenses increased 131 percent to Rs 9,574.5 crore in FY22, according to its annual financial statement with the Registrar of Companies (RoC).
In November last year, global brokerage firm Jefferies said that Swiggy was fast losing market share to its rival Zomato despite offering heavy discounts.
Earlier in 2022, Swiggy raised $700 million led by Invesco at a $10.7 billion valuation.