E-commerce giant Flipkart, owned by Walmart, is planning to lay off 5-7 per cent of its workforce, according to reports. They said the decision is likely to affect about 1,500 employees.
The exercise has already been set in motion with performance reviews and will be completed by March-April 2024, according to the reports.
Flipkart has 22,000 employees.
According to the reports, the layoffs are not going to include those working for its fashion portal Myntra.
Flipkart is reportedly also looking at an internal rejig to optimise its resources and also remain profitable.
According to an Economic Times report citing sources, Flipkart has frozen hiring and has not onboarded fresh talent since the past year to cut costs.
“This has become an annual practice now. As part of the appraisal cycle, they (Flipkart) are restructuring teams. Overall business in 2023 had its ups and downs for the ecommerce industry, including Flipkart. So, corrections are being done now,” the ET report quoted a source as saying.
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