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Swiggy has laid off 380 employees from its workforce of 6,000, citing challenging macroeconomic conditions and a slowdown in growth of its food delivery business.
“This has been an extremely difficult decision taken after exploring all options, and I’m extremely sorry to all of you for having to go through with this,” Sriharsha Majety, Swiggy’s CEO, wrote in an email to employees.
“Our over-hiring is a case of poor judgement, and I should’ve done better here.”
Swiggy, which plans an initial public offering (IPO), is the latest start-up to lay off employees amid a funding winter.
“We’re no exception here and have already
