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A significant development is that e-commerce behemoth Flipkart is undergoing a workforce reduction of approximately 5 percent, equating to around 1,000 employees, as part of its annual restructuring initiative, according to reports by Moneycontrol. This move follows earlier expectations of substantial layoffs in 2023, a year during which the company refrained from providing salary increments to its top 30 percent, including senior leadership.
Layoffs at Flipkart and Swiggy!
1000 folks at Flipkart and 350+ at Swiggy
Discussion on Grapevine: https://t.co/8vqrenxXGm pic.twitter.com/dZeWa52UFu
— Saumil (@OnTheGrapevine) January 25, 2024
Moreover, Flipkart instituted a comprehensive hiring freeze throughout the entirety of 2023. Although specific details regarding the extent of the workforce reduction were not disclosed, the company acknowledged taking measures to navigate economic challenges and align with prevailing industry dynamics.
🚨 Layoffs at Flipkart as well
It will let go of 1,000 employees, which represents around 5% of its total workforce, in an annual restructuring move https://t.co/VUmt7sBBy7 @Goenka_Tushar1
— Vikas SN (@tsuvik) January 25, 2024
E-commerce giant Flipkart is reportedly undergoing an annual restructuring, with a potential 5 percent workforce reduction of approximately 1,000 employees, according to reports from Moneycontrol. This follows expectations of significant layoffs in 2023, during which Flipkart refrained from salary increments for its top 30 percent and enforced a hiring freeze. The current Flipkart workforce is around 22,000, excluding those at its fashion portal, Myntra. Flipkart has not officially addressed the reported layoffs despite attempts to seek comment.
In contrast to certain tech giants like Amazon, which experienced substantial layoffs in the past year, Flipkart adopted a distinct strategy. Krishna Raghavan, Flipkart’s Chief People Officer, highlighted the company’s commitment to responsible hiring practices, explicitly dismissing the possibility of widespread layoffs. In an interview, Raghavan emphasized Flipkart’s cautious approach, steering clear of over-recruitment and eschewing drastic measures after large-scale hiring initiatives.
Tech layoffs are back not just among global firms but Indian firms too, as firms look to become profitable and cut burn.
Indian tech/startup layoffs in recent weeks
Paytm
Cultfit
Flipkart
Swiggy https://t.co/cIBEEykMPD— Chandra R. Srikanth (@chandrarsrikant) January 25, 2024
To control expenses, Flipkart instituted a hiring freeze in the past year. While the company’s central headquarters did not officially declare any layoffs, a strategic restructuring occurred within Flipkart’s subsidiary, a fashion e-commerce company, leading to the departure of approximately 50 employees. This decision aligns with Flipkart’s commitment to sustaining a well-balanced workforce and adjusting to economic conditions without opting for widespread job cuts.
🚨 Layoffs @ Flipkart
Flipkart to let go of 1,000 employees in annual rejig exercise
Walmart-owned Flipkart will let go of 1,000 employees, which represents around 5 percent of its total workforce, in an annual restructuring move.
The Bengaluru-based company had around…
— Chandra R. Srikanth (@chandrarsrikant) January 25, 2024
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