New Delhi, Jan 25,2024: Online food delivery platform Swiggy is cutting almost seven per cent of its workforce, or about 400 jobs, in the second round of layoffs, a media report said on Thursday.
This move is aimed at improving its finances before the planned Initial Public Offering (IPO) later this year, reports TechCrunch.
The company had slashed 380 jobs in January 2023 and even shut down its meat marketplace in an effort to lower costs. The news was first reported by the Economic Times.
As per the reports, tech and operations teams are expected to be hardest hit.
Meanwhile, the company is also expected to double the platform fee on food orders from Rs 5 to Rs 10 in the coming month.
With this move, the company looks to reduce losses ahead of the launch of its IPO, later this year, reports Moneycontrol.
Recently, the US-based investment company Invesco has raised Swiggy’s valuation to about $8.3 billion.
This is the second consecutive time the global asset management company has increased Swiggy’s value, according to regulatory filings.
In October last year, Invesco increased the food delivery platform’s valuation to about $7.85 billion.