Swiggy, Flipkart to trim workforce ahead of IPOS

IPO-bound startups Swiggy and Flipkart are expected to lay off employees over the next few months, a move likely to impact around 1,400 executives across both the companies, two people aware of the matter told Mint, asking to remain anonymous.

- Samiksha Goel

Walmart-owned ecommerce platform Flipkart is letting go of around 1,000 employees in an annual restructuring exercise, based on performance, the first person aware of the development said.

"Around 5-7% of the employees may be impacted in these performance-based exits. These are not related to cost cutting," the person said. Flipkart has around 22,000 employees in all.

In its quarterly townhall meeting on Thursday, chief executive Kalyan Krishnamurthy told employees the company had reduced cash burn and had reported growth in verticals such as grocery, but it is not expecting to launch its initial public offering this year, the person cited above said.