Swiggy has revealed that it is laying off another 350 employees in India as the business is struggling. The company previously laid off 1100 employees in the month of May this year.
The company has revealed that the food tech industry has recovered only to about 50 per cent. The expectation was much higher. This is one of the reasons the company is laying off another 350 employees in the country. Swiggy has confirmed that it will offer the impacted employees three to eight months of salary, which will be based on tenure and accelerated ESOP as part of its severance package. The employees will continue to avail different benefits including accident, term and health insurances till December this year. The company will also offer support like skill development, job placement and more.
“In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-COVID-19 levels in the near-term. However, with the industry still only having recovered to about 50 per cent of its peak, we have to, unfortunately, go ahead with this final realignment exercise, which will result in the net loss of 350 jobs,” the company said in a statement.
Meanwhile, Swiggy has announced the launch of its new digital wallet service in India. Dubbed as Swiggy Money, the new service provides easy payments, instant refunds and more. The company has partnered with ICICI Bank for its digital wallet service. With this, users can make transactions, store money for food orders and more. Furthermore, the company is offering some offers on its digital wallet. For instance, users will get instant refunds if they make a payment using Swiggy Money wallet.