{"id":1241815,"date":"2023-01-21T11:05:30","date_gmt":"2023-01-21T05:35:30","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1241815"},"modified":"2023-01-21T11:06:29","modified_gmt":"2023-01-21T05:36:29","slug":"600-swiggy-employees-will-be-fired-based-on-rating-system-swiggy-wants-positive-unit-economics-before-ipo","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/600-swiggy-employees-will-be-fired-based-on-rating-system-swiggy-wants-positive-unit-economics-before-ipo\/","title":{"rendered":"600+ Swiggy Employees Will Be Fired Based On Rating System: Swiggy Wants Positive Unit Economics Before IPO"},"content":{"rendered":"\n<p>In order to rationalize costs amidst a funding slowdown, the food and grocery delivery platform, Swiggy is planning to slash around 8-10% of its 6,000-strong workforce, as per the latest <a href=\"https:\/\/www.financialexpress.com\/industry\/swiggy-to-slash-around-8-10-of-workforce\/2952909\/lite\/?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">report<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-2-6-1280x720-1-1024x576.jpeg\" alt=\"600+ Swiggy Employees Will Be Fired Based On Rating System: Swiggy Wants Positive Unit Economics Before IPO\" class=\"wp-image-1241826\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-2-6-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-2-6-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-2-6-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-2-6-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Performance Improvement Plan For Employees<\/strong><\/p>\n\n\n\n<p>Two people aware of the development said that these layoffs also come at a time when the company is aiming to turn operationally profitable before its upcoming IPO.<\/p>\n\n\n\n<p>These layoffs will mainly affect the employees in product, <a href=\"https:\/\/www.financialexpress.com\/industry\/swiggy-to-slash-around-8-10-of-workforce\/2952909\/lite\/?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">engineering and operations<\/a>, the sources said.\u00a0<\/p>\n\n\n\n<p>In October, the foodtech unicorn concluded its performance review.<\/p>\n\n\n\n<p>Then several employees were also put under a performance improvement plan (PIP).&nbsp;&nbsp;<\/p>\n\n\n\n<p><strong>Delay In IPO<\/strong><\/p>\n\n\n\n<p>Besides this, the management had delayed filing Swiggy\u2019s preliminary papers for a public listing with the Sebi owing to the poor performance of tech stocks in India and abroad.&nbsp;<\/p>\n\n\n\n<p>According to the sources, \u201cThe management has decided to take a wait-and-watch mode, and has now pushed the draft filing for its IPO to December 2023,\u201d.&nbsp;<\/p>\n\n\n\n<p>Further adding, \u201cThe work pressure has increased sharply over the past six months or so and the company has been shuffling teams for a while now\u2026Employees are now just being asked to chase numbers and hit positive unit economics before the (public) listing,\u201d.&nbsp;<\/p>\n\n\n\n<p><strong>Who Will Get Impacted By These Layoffs?<\/strong><\/p>\n\n\n\n<p>Presently, Swiggy has a numbered rating system for all employees on a scale of 0-5.<\/p>\n\n\n\n<p>Sources said, \u201cEmployees with a rating of 2 and below have received intimation about PIP and they will be the most impacted,\u201d.<\/p>\n\n\n\n<p>It seems that Swiggy rival Zomato also fired around 3% of its 3,800 workforce in November 2022.<\/p>\n\n\n\n<p>&nbsp;Zomato reportedly saw three top-level exits, including co-founder Mohit Gupta, initiatives head Rahul Ganjoo and former head of Intercity Legends service Siddharth Jhawar just a few weeks before the layoffs.<\/p>\n\n\n\n<p>In the meantime, Swiggy has also emerged as a tough competition to Zomato as a private company.<\/p>\n\n\n\n<p>Especially after its $120-million acquisition of restaurant discovery and reservation platform Dineout in May 2022.<\/p>\n\n\n\n<p>Prior to this acquisition, both Swiggy and Zomato competed only on two turfs \u2014 food and grocery delivery.&nbsp;<\/p>\n\n\n\n<p>After Dineout came into picture, it directly stepped into Zomato\u2019s restaurant discovery market, which also has a few other competitors such as Nearbuy and Eazydiner.<\/p>\n\n\n\n<p>Besides this, Swiggy\u2019s Instamart service had exclusively secured large funding worth $700 million led by investment firm Invesco in January 2022 in the grocery delivery vertical.<\/p>\n\n\n\n<p>Joining the league, Zomato also acquired grocery delivery app Blinkit for $570 million.<\/p>\n\n\n\n<p>However, the rumors of the deal had been drifting around since early 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to rationalize costs amidst a funding slowdown, the food and grocery delivery platform, Swiggy is planning to slash around 8-10% of its 6,000-strong workforce, as per the latest report. Performance Improvement Plan For Employees Two people aware of the development said that these layoffs also come at a time when the company is [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[131,179],"class_list":["post-1241815","post","type-post","status-publish","format-standard","hentry","category-business","tag-layoffs","tag-swiggy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>600+ Swiggy Employees Will Be Fired Based On Rating System: Swiggy Wants Positive Unit Economics Before IPO - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/600-swiggy-employees-will-be-fired-based-on-rating-system-swiggy-wants-positive-unit-economics-before-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"600+ Swiggy Employees Will Be Fired Based On Rating System: Swiggy Wants Positive Unit Economics Before IPO - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"In order to rationalize costs amidst a funding slowdown, the food and grocery delivery platform, Swiggy is planning to slash around 8-10% of its 6,000-strong workforce, as per the latest report. 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