Swiggy, the leading food delivery platform based in Bangalore, has recently announced that it will be laying off 380 of its employees. This news came as a shock to the industry, as Swiggy is one of the most successful companies in the food delivery market in India.
History and Funding
Swiggy was founded in 2014 by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini. The company started its operations in Bangalore and soon expanded to other major cities in India. It has been successful in raising funding from prominent investors such as Naspers, Tencent, DST Global, and others. The company has raised a total of $3.6 billion in funding, making it one of the most valuable startups in India.
Swiggy has been performing exceptionally well in the food delivery market. It has been able to capture a significant market share by providing excellent service quality and a wide range of food options. The company has been expanding its services to include hyperlocal delivery and online ordering for groceries and other products..
Reason for Layoffs
The recent layoffs at Swiggy have come as a surprise to many, as the company has been performing well and expanding its services. While the company has not released an official statement regarding the layoffs, some industry experts speculate that it could be due to the economic impact of the COVID-19 pandemic.
Impact on Employees
The layoffs at Swiggy have affected 380 of its employees, who are now left without a job. This news has been a significant blow to the employees who have been laid off, as well as their families and dependents.
Statements from Company Stakeholders
While the company has not released an official statement regarding the layoffs, the CEO, Sriharsha Majety, has reportedly addressed the employees about the layoffs. In his message, he has reportedly expressed his regret about the situation and assured them that the company would do its best to support them during this difficult time.
The layoffs at Swiggy have come as a surprise to many in the industry, especially since the company has been performing well. While the reason for the layoffs is unclear, the impact on the affected employees is significant. It remains to be seen how the company will handle the situation and support its employees during this difficult time.