Online food delivery platform Swiggy is laying off 380 employees. The decision was communicated to staff at a town hall on Friday, according to media reports.
Swiggy CEO Sriharsha Majety cited “challenging macroeconomic conditions” as one of the reasons for the job cuts.
In an email to employees, he said the growth rate of the company’s food delivery business has slowed down, which has resulted in lower profits and reduced income. He said the company overhired over the past two years,