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Swiggy lays off 380 employees as startup winter deepens

Apologising for the move, Swiggy founder and CEO Sriharsha Majety has said the company will shut down its meat marketplace as it takes a harder look at some of its verticals

January 20, 2023 / 12:51 PM IST
Swiggy has will not only let go of 380 staff but has also closed its meat marketplace.

Swiggy has will not only let go of 380 staff but has also closed its meat marketplace.

 
 
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Foodtech company Swiggy has fired 380 employees in a bid to rationalise business amid a tough venture funding market, a company spokesperson said on January 20, the latest in the series of layoffs that have rocked India's startup ecosystem.

The decision, which affects around 3 percent of its 6,000-strong staff, was communicated to employees at a town hall on January 20.

"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," Swiggy founder and CEO Sriharsha Majety said in an email to employees after the town hall.

Majety said that the company would have to take a harder look at some of its existing verticals and would be shutting down its meat marketplace.