Flipkart to Lay off Around 1,500 Employees by March-April Flipkart has been practicing workforce reduction over the last two appraisal cycles. It also paused the hiring of freshers over the last year. All this is being done to control and manage expenses
By Entrepreneur Staff •
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Flipkart, a Walmart-backed e-commerce giant, is reported to be laying off five- seven per cent of its workforce.
This is expected to be the first major layoff of the year, with as much as 1500 out of its 22,000 (excluding Myntra) workforce being impacted. The decision is said to be based on the ongoing performance evaluations and is expected to conclude by March-April, the annual appraisal cycle.
Flipkart has been practicing workforce reduction over the last two appraisal cycles. It also paused the hiring of freshers over the last year. All this is being done to control and manage expenses.
Its rival, Amazon India, eliminated 18,000 roles from its multiple departments in 2023.
Krishna Raghavan, Chief People Officer, Flipkart emphasised of Flipkart avoiding layoffs as much as possible, which included the practise of responsible not mass hiring. While the parent company did not have any layoffs, its subsidiary, Myntra, let go of 55 employees in July.
Flipkart reported a revenue of INR 56,013 crore in the 2023 financial year and saw a growth of nine per cent in revenues. However, its net losses increased by 45 per cent to INR 4,834 crore.
