By Manish Singh
Swiggy said on Monday it is cutting 1,100 jobs and scaling down some adjacent businesses as India’s top food delivery startup looks to reduce costs to survive the coronavirus pandemic that has made people cautious about ordering food online.
In an internal email, which the Bangalore-headquartered startup published on its blog, Swiggy co-founder and chief executive Sriharsha Majety said the startup’s core food business had been ‘severely impacted.’
The startup is currently processing fewer than a million orders a day on its platform, down from nearly 3 million it was handling before the outbreak, people familiar with the matter told TechCrunch.
To cut costs, Swiggy said it would be eliminating 1,100 jobs “across grades and functions in the cities and head office” over the next few days. The company, backed by Prosus Ventures, said it will provide those affected with three months of salary, with one additional month for each year they have spent at the startup.
It will also provide those being let go with medical and accident coverage until the end of the year, and counseling for mental, emotional, and financial stress throughout the same period.
“This is easily the hardest and longest deliberated decision the management …read more
Source: Tech Crunch