Swiggy, on the verge of an IPO, plans to cut 400 jobs in its second round of layoffs. In January 2023, the Bengaluru-based company laid off 380 employees and closed its meat marketplace as part of cost-cutting measures.
It is an Indian food delivery and restaurant discovery platform headquartered in Bengaluru. Launched in 2014, the platform has grown to become one of the leading players in the online food delivery space in India.
Swiggy has followed in the footsteps of Paytm and Flipkart, restructuring its teams to reduce costs in response to the extended downturn in the technology sector.
Swiggy has purportedly selected seven investment banks, including Kotak Mahindra Capital, Citi, JPMorgan, BofA Securities, Jefferies, among others, to facilitate its IPO processes.
In the Indian food delivery market, Zomato and Swiggy are frontrunners. However, recent data from UBS and AllianceBernstein indicates that Zomato has extended its market share lead in the past quarters. AllianceBernstein’s note on Wednesday highlighted that Zomato now commands over 60% of the Indian food delivery market based on app user count.
