Flipkart to lay off 5% or 1,000 employees as part of annual performance review: Report
Moneycontrol on January 25. The Bengaluru-based e-commerce giant had around 22,000 people on its payroll, including employees from e-commerce fashion portal Myntra. According to the report, Flipkart undertakes these performance-based job cost cuts every year and this fresh reduction is just a regular process.
ALSO READ: Swiggy to slash 6% of workforce to trim costs: Report On January 25, Flipkart CEO Kalyan Krishnamurthy held a town hall with employees where he said the company's financial health is improving. As the unit economics will be better, the firm is mulling to push its IPO to 2025, added the report. "Flipkart's Grocery business has shown a lot of positive momentum and is growing well," Moneycontrol quoted a source aware of the company's plans as saying.
"Kalyan also told us that Flipkart's mobile app business is starting to make money now and that the business is doing well." Meanwhile, Flipkart's United Payments Interface (UPI) project is currently being tested out with a small set of users, said its CEO. The company is testing Flipkart's UPI, so that customers while shopping stay on the platform instead of having to switch between multiple apps to make payments. UPI continues to be important as around 45 percent of all purchases made on Amazon are settled using Amazon Pay UPI.
Walmart – the US-based retailer – even infused $600 million in December 2023 to ensure Flipkart is well capitalised. Flipkart was earlier eyeing a listing in 2022-23. With agency inputs. Milestone Alert!
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