January 8, 2024Anmol Nagpal

Flipkart to lay off 5-7% workforce: Report

E-commerce major Flipkart is implementing performance-based job cuts which will decrease team size by 5-7 percent, according to media reports.

Source: Unsplash

The Walmart-owned company is set to undergo a restructuring phase to optimize its resources & operations. The company, excluding its fashion portal Myntra, sustains a workforce of 22,000 individuals.

Source: Wikimedia Commons

This is not the first instance of Flipkart implementing performance-based job cuts. The report added that similar exercises have been in practice over the last two years.

Source: Pexels

Additionally, as part of cost-control measures, Flipkart has refrained from fresh hiring in 2023. The company is finalising a $1 billion financing round, including contributions from its investors.

Source: Pexels

Flipkart is gearing up to enhance the utilisation of its resources across existing and new business ventures.

Source: PTI

Despite the ongoing restructuring, Flipkart maintains its decision to defer its initial public offering until 2024, the sources said. Previous plans for an IPO in 2022-23 have been temporarily halted.

Source: Pixabay