Swiggy is set to cut its workforce by 6% affecting 350-400 employees across teams like technology, call centre, and corporate roles, the sources added.
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The layoffs would be conducted gradually over the coming weeks, as per the current conversations and brief given to senior leaders in the company, the sources told ET.
Swiggy’s food-delivery business is profitable but has still been burning cash on Instamart, its grocery unit, per people in the know. The Bengaluru-based company is optimising on all fronts to cut cost and showcase better financials before approaching the public markets.
Swiggy joins the likes of large internet firms, including digital payments firm Paytm and ecommerce major Flipkart, that have restructured teams to cut costs amid a prolonged downturn in the technology sector.