Swiggy lays off another 350 employees

Swiggy lays off another 350 employees

Swiggy is laying off 350 executives, two months after it shed 1,100 occupations across levels broadly.

The food delivery application said this would be the last rebuilding exercise, and that there would be no further cutbacks going ahead.

“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,” Swiggy said in a statement.

Every single affected representative will get three months’ pay. Alongside, quickened stock vesting, medical coverage till December, and an additional long stretch of ex-gratia for consistently they have gone through with the association.

The Bengaluru-based organization as of late shut its most recent $150 million financings round. Drove by South African speculator Naspers alongside littler ones, Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets.

In May, rival Zomato trimmed its workforce by 13% and cut salaries. Earlier this month, however, the firm reinstated salaries of all retained employees.

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