Online food delivery platform Zomato is planning to lay off nearly 3 percent of its workforce as part of cost-cutting efforts.
Zomato stated layoffs will be based on regular performance of employees. “There has been a regular performance based churn of under 3 percent of our workforce, there’s nothing more to it,” said Zomato spokesperson.
Zomato currently has nearly 3,800 employees.
In May 2020, Zomato laid off about 520 of its employees, or 13 percent of its staff, in response to a slump in business following the Covid pandemic.
Meanwhile, Zomato’s co-founder Mohit Gupta quit on Friday.
The online food delivery platform announced earlier that Rahul Ganjoo had ended his 5-year tenure as Head of New Initiatives.
Earlier in the month, Zomato’s Vice President for global growth Siddharth Jhawar announced his resignation as well.
Zomato recently revealed that its revenue grew 48 percent to INR 21.07 billion during July-September 2022. This translates to annualized revenue of $1.05 billion. This is the first quarter where Zomato has crossed the billion dollar annualized revenue mark.
Zomato said its EBITDA loss reduced to INR 1.92 billion in Q3FY22 as compared to INR 3.10 billion in Q2FY22.