Swiggy lays off 380 employees in sudden announcement

Swiggy has announced that it is firing 380 employees as part of its latest layoff process. The company has sent an email to the impacted employees to inform them about its plan to sack hundreds of workers. The food delivery company's CEO Sriharsha Majety has given several reasons for the layoff and apologized for the decision that Swiggy has taken to reduce headcounts.

"We’re implementing a very difficult decision to reduce the size of our team as a part of a 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," the company's CEO said. One of the major reasons that Swiggy has mentioned is the challenging macroeconomic conditions that it is facing. The company revealed that the growth rate for food delivery has slowed down, which has resulted in lower profits and reduced income. Though, Swiggy is saying that it has enough cash reserves to sustain itself. The executive has also blamed "overhiring" for its decision to lay off people.