Food delivery platform Swiggy on Friday said it is "bidding goodbye to 380 talented Swiggsters" as part of a restructuring exercise, adding it was an "extremely difficult decision".
The company said it has put together a comprehensive Employee Assistance Plan which will help impacted employees with their financial, physical well being during the transition.
"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," CEO Sriharsha Majety said in an email to employees this morning.
The decision follows layoffs in Twitter, Amazon, Goldman Sachs, Microsoft, among others.
The CEO said the company is committed to exploring new business opportunities but has also taken a "harder look" at some of its existing new verticals.
"Effective very soon, we will be shutting down our Meat marketplace. While the team has done exceptionally well with solid inputs, we haven't hit product market fit here despite our iterations. From a customer perspective, we will still continue to offer meat delivery through Instamart. We will continue to stay invested in all other new verticals," the mail said.
Mr Majety said over the last year, under challenging macroeconomic conditions, companies around the world are adjusting to the new normal.
"We're no exception here, and have already advanced our own timelines for profitability on food delivery and Instamart. While our cash reserves allow us to be fundamentally well positioned to weather harsh circumstances, we cannot make this a crutch and must continue identifying efficiencies to secure our long-term," he said.
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