Swiggy is laying off 350 more employees as part of ‘final realignment exercise’
Swiggy lays off 350 more employees, two months after it shed 1,100 jobs across levels nationally to mitigate the coronavirus lockdown impact.
Swiggy said in a statement, “In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-COVID-19 levels in the near-term…With the industry still only having recovered to about 50% of its peak, we have to, unfortunately, go ahead with this final realignment exercise, which will result in the net loss of 350 jobs,”
However, Swiggy spokesperson has confirmed that this is the final ‘restructuring’ exercise, undertaken by the company and there are no additional layoffs expected in the coming months.
“All impacted employees will receive at least three months’ salary, along with accelerated stock vesting, health insurance till December, and an extra month of ex-gratia for every year they have spent with the organization. The company will also be offering learning support for skill development, job placement, and counselling services, amongst others.” Swiggy said in a statement.
Like Swiggy, competitor Zomato is also facing the brunt of the pandemic. It laid off over 500 employees in May and cut the salary of existing employees by 50 percent, though it has reversed the pay cuts in July.
Several other tech companies like Uber, Ola, MakeMyTrip, and BookMyShow have had to resort to layoffs due to the current COVID-19 crisis, and job losses in the tech industry reached the 10,000 mark in May itself.
Swiggy is India’s largest and most valuable online food ordering and delivery platform. Founded in 2014, Swiggy is based out of Bangalore, India and, as of March 2019, was operating out of 100 Indian cities. In early 2019, Swiggy expanded into general product deliveries, under the brand name Swiggy Stores
