According to media reports, food delivery platform Swiggy plans to cut 600 jobs, reducing its workforce by 8-10 per cent. 

According to the Financial Express, job cuts are likely to affect employees in the product, engineering, and operations divisions. The mass layoffs come as the company strives to become profitable ahead of its IPO later this year. In October, the grocery and food delivery platform completed its performance review process and placed several employees on the performance improvement plan (PIP).

According to the report, Swiggy has a rating scale for all employees, and those who do not receive a rating of 2 are placed on the PIP. They are most likely to be affected by the proposed layoffs.

According to a media report, Swiggy management delayed filing preliminary papers with SEBI for the company's listing due to the poor performance of tech stocks globally. According to the source, Swiggy may postpone the draught filing of its IPO until December 2023. 

Work pressure has increased in recent months, according to sources, and employees are being asked to chase numbers and turn the company profitable before the IPO later this year.

Swiggy's news comes just two months after Zomato laid off roughly 3 per cent of its 3,800 employees in November 2022. Swiggy and Zomato previously competed only in grocery and food delivery, but Swiggy has now expanded into the restaurant discovery space, putting both rivals in direct competition. Swiggy entered the restaurant discovery space in May 2022 after purchasing Dineout for $120 million.