Swiggy Layoffs: IPO- bound food delivery aggregator to cut 400 jobs

IPO-bound food delivery aggregator, Swiggy is reportedly planning to lay off 400 employees in a restructuring move. The move, aimed at further reducing costs ahead of its IPO, will impact about 7% of Swiggy's workforce.

According to reports, the layoffs will primarily impact the tech, call center, and corporate teams. This round of layoffs follows an earlier reduction of 380 employees in January last year.

Swiggy Layoffs 2024 Reason

The Bengaluru-based company is focussed on optimizing operations to enhance cost-efficiency and present improved financials ahead of entering the public markets.

Amid plans for an IPO later this year, Swiggy is trimming costs. While CEO Sriharsha Mejety confirmed IPO preparations, the timeline remains unspecified.

According to Moneycontrol's reports, Majety noted that the food delivery sector's slowdown, attributed to deeper market penetration, is prompting reliance on Instamart, Swiggy's quick-commerce business, for future growth. Swiggy is reportedly in talks with investment bankers for its public listing.