Flipkart Announces Annual Workforce Restructuring: 1,000 Employees To Be Let Go

New Delhi: In its annual restructuring transfer, e-commerce large Flipkart, owned by Walmart, is about to half methods with roughly 1,000 workers, constituting round 5 % of its workforce. The resolution comes as a part of the corporate’s routine performance-based job price cuts, sources acquainted with the matter knowledgeable Moneycontrol.

Employee Count And Exclusion Of Myntra Staff

As of now, Flipkart has a workforce of round 22,000 individuals based mostly in Bengaluru, excluding workers from the e-commerce vogue portal Myntra. (Also Read: Azim Premji Gifts Rs 500 Crore Worth Wipro Shares To Sons Rishad And Tariq)

No Immediate Response From Flipkart

According to a Moneycontrol report, the web site has reached out to Flipkart for feedback on the event, however the firm has not offered a right away response to queries relating to the job cuts. (Also Read: Riding The Billions: Meet Indian Tycoon Whose Company Powers Luxury Giants BMW, Mercedes Benz, Rolls Royce And Net Worth Is Rs…)

CEO’s Townhall Insights

During a city corridor with workers on January 25, Flipkart CEO Kalyan Krishnamurthy shared insights into the corporate’s monetary well being. He assured workers that the corporate’s monetary state of affairs is on the upswing and anticipates a major enchancment by the tip of the 12 months.

Potential Impact On IPO Plans

Krishnamurthy hinted at the potential for delaying Flipkart’s Initial Public Offering (IPO) till 2025. The resolution is attributed to the expectation of higher unit economics by that point, positioning the corporate for a extra favorable IPO.

Positive Developments In Business

Despite the restructuring, Krishnamurthy highlighted constructive developments inside Flipkart. He talked about that the corporate’s United Payments Interface (UPI) venture is taking form and present process testing with a restricted group of customers.

Additionally, he reported that Flipkart’s cell app enterprise is now turning worthwhile, indicating constructive traits and progress within the enterprise.