Swiggy To Lay Off 400 Jobs
Food delivery startup Swiggy is going to lay off 400 jobs in a fresh round of layoffs. The move is prompted by the objective to improve finances considering that the company is planning an IPO in the later part of the year.
Swiggy's bid to optimise its financial position would translate into a better valuation and result in making the IPO more attractive. Reports suggest that investors are likely to monitor Swiggy's profitability matrix and other financial variables and compare it with Zomato.
Zomato held over 60% of the Indian food delivery market, based on app user count", Alliance Bernstein said in a note on Wednesday.
