Swiggy Layoff story:
The bad phase of startup companies continues. Startups and tech companies are continuously laying off. In this episode, now a new name Swiggy has been added.
The food delivery company has fired 380 of its employees. A company spokesperson said on January 20 that this step had been taken to streamline the business,
given the difficulties in the venture funding market. The information about the company’s employees being fired was given in a town hall (large meeting) on January 20.
Swiggy founder and CEO Sriharsha Majety emailed the employees after the town hall. “We have made the very difficult decision to downsize our team.
In the process, we are laying off 380 employees. After weighing all options, we have made this very difficult decision,” according to the email.
Majeti said the company would thoroughly review all its existing verticals. Along with this, the company will also close its meat marketplace.
He added, “The team has done a great job, but we have been unable to fit this market.
From a customer’s point of view, we will continue to deliver meat through Instamart. We will continue to be in all our other verticals.”
The market is fiercely competitive, and we must keep going. We want to make our organization more effective.
Given the lessons we have learned, we want to avoid repeating this mistake.
What will the retrenched employees get?
Employees who Swiggy has laid off will be given cash for 3 to 6 months, depending on their grade and length of service with the company.
This includes 100% variable pay and incentives. The company will waive the joining Bonus and Retention Bonus.
