In early 2024, Flipkart may lay off 5-7% of its workforce, affecting 1,500 workers. Performance evaluations, job cuts, and internal restructuring may be considered.
Indian e-commerce giant, Flipkart, may lay off about 1,500 staff in early 2024, affecting 5-7% of its workforce. Walmart owns the 22,000-person firm.
Flipkart will begin performance reviews and staff cuts in March–April 2024, sources said. Economic Times initially reported Flipkart’s move.
The company is also mulling internal reorganization to boost earnings. The adjustment was not immediately noted by companies. Flipkart fires employees annually based on performance.
Tofler reported Flipkart’s 2023 revenue of Rs 56,013 crore.
Revenue grew 9% to Rs 51,176 crore in FY23. It lost Rs 4,834 crore in FY23, up 42% from FY22.
The financial report showed a net loss of Rs 48,393 million for the year ending March 31, 2023, up 44% from Rs 33,624 million in 2022.
Conclusion
Flipkart, may lay off 5-7% of its employees in early 2024. The transfer begins with performance assessments and job cuts in March–April 2024. To maximize earnings and resources, Flipkart may reorganize internally. It lost Rs 4,834 crore in FY23, up 42% from FY22.
