Indian meals supply startup Swiggy is chopping about 400 jobs, or practically 7% of its workforce, because the startup seeks to carry additional enhancements to its funds forward of a deliberate IPO later this yr.
That is the second spherical of layoff on the Bengaluru-headquartered startup, which lower simply as many roles early final yr.
The transfer comes as Swiggy makes an attempt to additional enhance its funds. Although its meals supply enterprise is worthwhile, the startup isn’t worthwhile at a bunch degree. Zomato, Swiggy’s chief rival, grew to become worthwhile final yr.
Funding bankers and mutual fund buyers maintain the view that Swiggy can be very intently in comparison with Zomato on the time of itemizing and must beat the older rival on many metrics if it needs a very good valuation.
Swiggy didn’t instantly reply to a request for remark. Indian newspaper ET first reported the layoff.
