“Our fortress balance sheet continues to be one of our most strategic assets as we navigate the uncertain waters of global trade in the 21st century in pursuit of this vision,” he added. Back in May, Shopify sold its logistics business to Flexport in exchange for a 13 per cent stake in the company. Flexport Layoffs: Logistics Firm To Lay Off Another 20% of Its Workforce, Says Report.
Swiggy is planning an IPO later in 2024, and it is looking to reduce cash burn from its Instamart grocery unit so it can present the "best possible numbers" when it goes public.
The layoffs are expected to predominantly affect the tech teams and a section of the customer care department, specifically the call center operations.
Food delivery platform Swiggy is set to lay off 400 employees in a fresh round of job cuts, a year after it announced it was "bidding goodbye to 380 talented Swiggsters" as part of a restructuring exercise.
Swiggy is set to cut its workforce by 6% affecting 350-400 roles across teams like technology, call centre, and corporate roles, with senior leaders having been briefed to conduct these layoffs gradually over the coming weeks, the sources added.