Swiggy is preparing to layoff 400 employees in a restructuring move. This is the second round of layoffs at the food tech giant.The Bengaluru-based company had let go of 380 employees in January 2023 and even shut its meat marketplace in a bid to lower costs.The tech teams and a section of the customer care department (specifically call centre) will be the most impacted by the move.
The Bengaluru-based company is focussed on optimizing operations to enhance cost-efficiency and present improved financials ahead of entering the public markets. Amid plans for an IPO later this year, Swiggy is trimming costs. While CEO Sriharsha Mejety confirmed IPO preparations, the timeline remains unspecified. According to Moneycontrol's reports, Majety noted that the food delivery sector's slowdown, attributed to deeper market penetration, is prompting reliance on Instamart, Swiggy's quick-commerce business, for future growth. Swiggy is reportedly in talks with investment bankers for its public listing.