Swiggy to lay off around 400 employees on road to IPO

Food-delivery startup Swiggy is likely to fire 400 employees or nearly 7% of its workforce, sources said, adding to the list of tech startups that are handing out pink slips at the start of the year.

Swiggy is reportedly planning to hit the public markets this year, and needs to reign in costs prior to filing draft papers with the regulator. In FY23, the company posted a nearly 80% jump in losses to $545 million, as per documents filed by its investor Prosus.