Coronavirus impact: Swiggy to lay off 1,000 employees as demand slumps 60%

Online food delivery platform Swiggy might lay off around 1,000 employees as demand crashes amid the coronavirus spread. The company is planning to lay off a part of its private brand kitchen team as well as discontinue operations at a few of its centres. The delivery platform is also looking to re-negotiate terms with its landlords.

Swiggy is planning to lay off the employees next month.  "As the lockdown gets further extended, we are evaluating various means to stay nimble and focused on growth and profitability across our kitchens.

 The Bowl Company and Homely are two of its kitchen brands.

As per the daily, the food delivery platform is looking to reduce its monthly cash burn from USD40 million in May last year to less than USD5 million in the next few quarters. The firm is looking to conserve cash for the next 20-24 months.

Along with layoffs, Swiggy is also looking to reduce discounts on meals.