According to an internal e-mail sent on Friday by Sriharsha Majety, Swiggy’s chief executive and co-founder, the food and grocery delivery service has let go more than 300 of its 6,000 employees as part of a “restructuring exercise.”
“As part of a reorganisation effort, we’ve made the extremely tough choice to reduce the size of our workforce. We will be saying farewell to 380 talented Swiggsters during this process. After considering all of the options, we came to this extraordinarily tough conclusion,” Majety stated.
The CEO of the delivery platform cited macroeconomic issues and the industry’s sluggish growth as the reasons behind these layoffs.
He continued, “It was poor judgement on our part to overhire, and I ought to have performed better. While our cash reserves give us the ability to be generally well positioned to weather difficult periods, we cannot use this as a crutch and must continue to find efficiencies to protect our long-term.”