Swiggy IPO Report 2024: In preparation for its upcoming initial public offering (IPO), Indian food delivery startup Swiggy, a prominent player in the food tech industry, is reportedly set to implement a workforce reduction, targeting approximately 6 percent of its employees. The Economic Times revealed this development on January 25, citing sources.
The anticipated job cuts are expected to impact around 350-400 employees across various teams, including technology, call center, and corporate roles. If realized, this would mark the second instance of layoffs at Swiggy. The company plans to execute the workforce reduction gradually over the coming weeks.
In 2023, Swiggy, backed by Softbank Group, underwent a similar initiative, slashing approximately 380 jobs, citing challenging macroeconomic conditions as the driving force behind the decision.
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Despite these workforce changes, Swiggy remains focused on its IPO aspirations, with a tentative timeline set between July and September. The IPO process was temporarily halted last year due to unfavorable market conditions.
In a recent report by Moneycontrol, it was disclosed that Swiggy is exploring the possibility of doubling its platform fee from ₹5 to ₹10 per food order. This strategic move is seen as an effort to mitigate losses and enhance profitability in anticipation of the upcoming IPO. The company had previously introduced a nominal fee of ₹2 for select customers in April 2023, later extending it to all customers, and the current fee stands at ₹5.
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Responding to these reports, a Swiggy spokesperson clarified that the platform fee remains unchanged, with no immediate plans for a significant increase. The company is known for experimenting with small changes to understand consumer preferences better. The spokesperson emphasized ongoing efforts to make the platform more affordable, highlighting the introduction of Pockethero, designed for budget-conscious consumers, as a recent example. Pockethero is currently undergoing expansion nationwide.
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