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Swiggy lays off 380 employees as startup winter deepens
Swiggy has will not only let go of 380 staff but has also closed its meat marketplace. This has been an extremely difficult decision taken after exploring all available options and I’m extremely sorry to all of you for having to go through with this," Swiggy founder and CEO Sriharsha Majety said in an email to employees after the town hall. The employees who have been fired will receive a cash payout of three to six months of salary, based on their tenure and grade. This includes a 100 percent payout of variable pay/ incentives. They will also be eligible to participate in the ESOP liquidity programme slated for July 2023,” the company said. No signs of a thaw As reported by Moneycontrol, Swiggy's listed rival Zomato laid off 100 employees in November, as it looks to cut costs and turn profitable. Source - https://www.moneycontrol.com/news/business/startup/swiggy-lays-off-380-employees-as-startup-winter-deepens-9900711.html
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