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Food delivery growth has slowed down, overhiring was poor judgment: Swiggy founder Sriharsha Majety
In an email to employees announcing the layoff of 380 personnel, Swiggy founder and CEO Sriharsha Majety said that the slowdown in food delivery growth necessitated a review of the company's profitability goals. “While we’d already initiated actions on other indirect costs like infrastructure, office/facilities, etc, we needed to right-size our overall personnel costs also inline with the projections for the future. However, Swiggy had seen significant growth in its total sales and order volume in the first six months of 2022, according to one of its biggest investor Prosus. However, rising inflation impacted e-commerce demand in the second half of 2022, evidenced by the fact that companies such as Zomato and Delhivery experienced slower growth. The company's revenue from operations increased 125 percent to Rs 5,704.9 crore in FY22, according to financial data accessed by the business intelligence platform Tofler. Source - Money Control
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