<p>Bengaluru: E-commerce giant Flipkart is likely to see a number of voluntary exits and performance-linked layoffs soon, senior sources in the company confirmed to <em>DH</em>. This number could be as much as 5 per cent of the Walmart-backed company’s 22,000 strong workforce, or around 1,000 people.</p><p>“There is no layoff in the charter but there are exits that happen every year based on the performance of categories and performance of teams, which happens post appraisal (March-end) ,” said a source aware of the developments. The person added that some are also expected to leave on their own to seek out other opportunities.</p><p>In fact, as per two sources, Group Chief Executive Officer Kalyan Krishnamurthy held a town hall meeting with employees and said that no layoffs were being planned.</p>.Ola founder’s Krutrim becomes India’s first AI unicorn. <p>Additionally, there were reports that quick commerce and food delivery company Swiggy has let go of around 400 employees. The company’s representatives did not respond to calls and messages from <em>DH</em>.</p><p>This latest round of expected retrenchment comes after Paytm parent One 97 Communications laid off around 1,000 employees late last year, in a strategic move to lower costs and realign its business operations.</p><p>“This is not a knee jerk reaction, possibly a tactical correction these companies are making before the end of the financial year from a cost offloading perspective. Some of these players also have to justify their spends to investors,” MS Prasadh, who heads research at specialist staffing solutions platform Xpheno, explained.</p><p>Going forward such layoffs may be seen in a few more customer-focused service players, Prasadh added.</p><p>In its first round of a major layoff, Swiggy slashed 380 jobs in January last year and shut down its meat marketplace in order to trim costs. The IPO-bound company, which employs a 5,000-plus workforce, is slated to raise about $1 billion later this year.</p><p>Earlier this month, US-based asset management company Invesco raised Swiggy’s valuation a second consecutive time to $8.3 billion, from earlier $7.85 billion in October 2023. </p><p>Flipkart on the other hand, saw around 50 employees exit its fashion portal Myntra whilst observing a hiring freeze in 2023.</p>
<p>Bengaluru: E-commerce giant Flipkart is likely to see a number of voluntary exits and performance-linked layoffs soon, senior sources in the company confirmed to <em>DH</em>. This number could be as much as 5 per cent of the Walmart-backed company’s 22,000 strong workforce, or around 1,000 people.</p><p>“There is no layoff in the charter but there are exits that happen every year based on the performance of categories and performance of teams, which happens post appraisal (March-end) ,” said a source aware of the developments. The person added that some are also expected to leave on their own to seek out other opportunities.</p><p>In fact, as per two sources, Group Chief Executive Officer Kalyan Krishnamurthy held a town hall meeting with employees and said that no layoffs were being planned.</p>.Ola founder’s Krutrim becomes India’s first AI unicorn. <p>Additionally, there were reports that quick commerce and food delivery company Swiggy has let go of around 400 employees. The company’s representatives did not respond to calls and messages from <em>DH</em>.</p><p>This latest round of expected retrenchment comes after Paytm parent One 97 Communications laid off around 1,000 employees late last year, in a strategic move to lower costs and realign its business operations.</p><p>“This is not a knee jerk reaction, possibly a tactical correction these companies are making before the end of the financial year from a cost offloading perspective. Some of these players also have to justify their spends to investors,” MS Prasadh, who heads research at specialist staffing solutions platform Xpheno, explained.</p><p>Going forward such layoffs may be seen in a few more customer-focused service players, Prasadh added.</p><p>In its first round of a major layoff, Swiggy slashed 380 jobs in January last year and shut down its meat marketplace in order to trim costs. The IPO-bound company, which employs a 5,000-plus workforce, is slated to raise about $1 billion later this year.</p><p>Earlier this month, US-based asset management company Invesco raised Swiggy’s valuation a second consecutive time to $8.3 billion, from earlier $7.85 billion in October 2023. </p><p>Flipkart on the other hand, saw around 50 employees exit its fashion portal Myntra whilst observing a hiring freeze in 2023.</p>