Company with Rs 31253 crore valuation, set to lay off 5% of workforce
Flipkart, the mega e-commerce giant, is preparing to lay off 5% of its total workforce, which is estimated to be around 1000 employees.
According to Moneycontrol, Flipkart is laying off about 1,000 employees, which is around 5% of its workforce, as part of its annual restructuring. At the moment, Flipkart employs about 22,000 people, which also includes the employees of e-commerce fashion Myntra. Recently, sixteen years after founding Flipkart with Sachin Bansal, co-founder Binny Bansal announced his resignation from the company's board of directors.
Every year, the company implements performance-based layoffs; however, in 2023, things are different because, in contrast to some other significant tech companies, such as Amazon, which recently experienced significant layoffs, Flipkart chose a different approach. Flipkart's Chief People Officer, Krishna Raghavan, outlined the company's responsible hiring procedures and made it clear that they avoid overhiring and taking drastic steps after making a large number of hires.
Flipkart is currently one of India's top e-commerce sites, competing with Snapdeal, Amazon, and other major players. As per the last disclosed reports, Flipkart's valuation was around $37.6 billion or Rs 31253 crore (price adjusted for current dollar value).