Foodtech company Swiggy: In an email to employees on Monday, Bengaluru-based Foodtech company Swiggy said it would lay off 1,100 employees during working grades and tasks in cities and would have a head office in the next few days.
Online Foodtech Company Swiggy
- Swiggy, co-founder and chief executive at Mail for Employees, said, preparing for worse scenarios in macro environments and making sure we’re safe is incredibly important.
- Internal communication said that all affected employees would get at least three months’ salary, irrespective of their notice period or tenure.
- In addition, for each year an employee was with the organization, Swiggy would offer an additional month in addition to the salary for the notice period, which would be 3-8 months salary, depending on the tenure.
ESOPs Of Employees
- The company is allowing affected employees to enter their ESOPs in the nearest quarter, including their notice period.
- “While our standard ESOP policy has a 1-year cliff and annual vesting, we will now extend ESOP vesting to the nearest quarter (including months of notice period) and waive a 1-year cliff for those completing 1 year. , “Said Magiti.
Medical Insurance Mandatory
- In addition, Swiggy intends to provide medical insurance for affected employees by December 31, 2020, as well as career transition and weathering opportunities.
- Swiggy said it would close or close adjacent businesses that are either going to be highly volatile or would not be relevant for the next 18 months.
- Swiggy’s cloud kitchen business will be most affected by the restructuring, which operates the company-owned restaurant brands Homley and The Bowl Company.
Hired 500 Contracted Cloud Kitchens
- In April, food delivery Unicorn Swiggy hired about 500 contracted cloud kitchen employees, and said it could close several of its cloud kitchens, relocate them and rent contracts for leased spaces for them But can negotiate again.
- “The biggest impact here has been on the cloud kitchen business, with many unknown people aware of the volume during the year. Since the introduction of covid-19, we have begun the process of closing our kitchen facilities temporarily or permanently, based on our approach and profitability profile.
- Our email states, “We are already working at a significantly lower level of our staffing and physical level than our earlier footprint, and will continue to adapt even further.”
Foodtech Competitior Zomato
- Foodtech player Zomato of Gurugram said it would come two days later, affecting about 13% of the 520 employees.
- “The main food distribution business has been badly hit and will continue to be affected in the short term, but is expected to grow again after that … while we are very fortunate that we raised capital before we hit Coronavirus and have enough runway today. ”