Swiggy Layoffs

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Indian food delivery giant Swiggy is laying off approximately 400 employees, which represents nearly 7% of its workforce, as announced in January 2024. This marks the second such round of job cuts in about a year as the Bengaluru-based startup aggressively streamlines operations to improve its financial health ahead of a planned initial public offering (IPO). Despite its core food delivery business being profitable, Swiggy is not yet profitable at the group level. The move comes amid intense competition with rival Zomato, which has recently become profitable and expanded its market share lead. With a valuation of $10.7 billion, Swiggy is under pressure to strengthen its metrics to secure a favorable valuation when it goes public.

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