Indian food delivery firm Swiggy has announced that it will lay off 380 employees out of its 6,000-strong workforce due to challenging macroeconomic conditions and slowdown in growth of its food delivery business. The company is also looking to shut down some verticals as a cost-reduction measure and soon, it will be shutting down its Meat marketplace, according to an internal email shared by Sriharsha Majety, Swiggy’s CEO and co-founder.
The CEO said that in 2022, two things happened, “Over the last year, under challenging macroeconomic conditions, companies around the world (public and private) are adjusting to the new normal, with refreshed investment horizons and accelerated timelines for profitability. We’re no exception here, and have already advanced our timelines for profitability on food delivery and Instamart.”
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