Swiggy announced that it would shut down the meat marketplace on the app as it didn't hit the product market despite different iterations.
Source - Google
Swiggy is the latest Indian tech firm to mass lay off employees to limit expenses amid uncertain macroeconomic conditions.
Source - Google
The company says it has fired 380 employees to adjust to the "new normal" amid "challenging economic conditions."
Source - Google
In a letter to employees, Swiggy CEO Sriharsha announced that it would shut down the meat marketplace on the app as it didn't hit the product market despite different iterations.
Source - Google
The app will continue to offer meat delivery through Instamart.
Source - Google
Other tech companies such as Dunzo, ChatShare, and Meesho have also mass laid off employees in recent months and weeks.
Source - Google
Meanwhile, here is the full text of the letter by Swiggy CEO Sriharsha to employees about the layoff.
Source - Google
Hello team, Thank you for joining the all-hands meeting earlier today. As I'd mentioned in the session, we're implementing a very difficult decision to reduce the size of our team as a part of a restructuring exercise. In this process, we will be bidding goodbye to 380 talented Swiggsters. 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.
Source - Google
In addition, we'd also found strong early success with Instamart. With some definite exuberance about the future,
Source - Google
We invested into building out our teams to be able to cater to the impending needs of the categories. However, in 2022, two things have happened.
Source - Google