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Flipkart cuts 300 jobs in annual performance review cycle

Entrackr

Entrackr · 4d ago

Flipkart cuts 300 jobs in annual performance review cycle

Flipkart cuts 300 jobs in annual performance review cycle Walmart-owned ecommerce company Flipkart has laid off around 300 employees as part of its annual performance review cycle, according to sources aware of the development. The development was first reported by The Economic Times, which said the layoffs are part of the company’s routine performance management process. Employees placed in lower performance bands during the appraisal cycle are being asked to exit the organisation. The report added that the layoffs account for about 1.5% of Flipkart’s total workforce, which is estimated to be around 20,000 employees. The affected employees are said to be from multiple teams across the company. Flipkart did not comment on the queries sent by Entrackr. Flipkart conducts periodic performance reviews as part of its annual appraisal process. During this cycle, employees are evaluated against predefined performance metrics and organisational expectations. Earlier in 2024, Flipkart had also carried out layoffs through a similar performance review process. At the time, reports indicated that around 1,000 employees were impacted during the company’s annual appraisal exercise.

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Did Flipkart ask 300-400 employees to leave the job? here’s what the company said

IndianStartupNews

IndianStartupNews · 4d ago

Did Flipkart ask 300-400 employees to leave the job? here’s what the company said

Walmart-owned Flipkart asked 300-400 underperforming employees to leave as part of its annual performance review. This is in line with the company’s performance management strategy, where employees in lower performance bands are typically let go. Flipkart confirmed the layoffs, explaining they are part of regular performance reviews, without specifying how many were affected. The company is focusing on operational efficiency as it prepares for a possible IPO amidst a challenging funding environment.

Flipkart Announces Layoffs of 250–300 Staff

StartupTalky

StartupTalky · 4d ago

Flipkart Announces Layoffs of 250–300 Staff

Flipkart has laid off 250–300 employees, around 1-2% of its 20,000-strong workforce, following annual performance reviews. These job cuts are part of routine performance management. Affected staff will receive transition support. Flipkart's marketplace revenue increased 14% to INR 20,493 crore in fiscal 2024-2025, though net losses decreased by 37%. The company is streamlining executives, appointing new leaders, and preparing for an IPO. New senior hires include Jason Chappell and Amer Hussain, enhancing leadership and governance capacities.

Flipkart to lay off 5% or 1,000 employees as part of annual performance review

Livemint

Livemint · 2y ago

Flipkart to lay off 5% or 1,000 employees as part of annual performance review

Walmart-owned Flipkart plans to lay off around 5% of its workforce, or approximately 1,000 employees, as part of its annual performance review, according to a report. The company, based in Bengaluru, employs around 22,000 people, including those from Myntra, a fashion portal. This is a regular process for the e-commerce giant, which undertakes performance-based job cuts each year. Flipkart's CEO, Kalyan Krishnamurthy, informed employees that the company's financial health is improving and that its mobile app business is starting to generate profits.

ShareChat cuts 5% jobs as part of performance review cycle

Entrackr

Entrackr · 1y ago

ShareChat cuts 5% jobs as part of performance review cycle

ShareChat cuts 5% jobs as part of performance review cycle Vernacular social media platform ShareChat is reportedly laying off about 5% of its workforce, marking its second round of layoffs in the past six months. In August 2024, ShareChat let go of 5% of its workforce as part of its mid-year performance cycle. In 2023, the firm implemented several cost-cutting measures and sacked 700 employees across two phases. According to Moneycontrol, which first reported the news, ShareChat currently employs between 530 and 550 people, and around 5% will be let go as part of an annual review process set to conclude later this month. Entrackr has reached out to ShareChat for comments. In 2024, the Ankush Sachdeva-led firm raised $65 million in debt across two tranches. ShareChat has raised around $1.3 billion from investors including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others. In the last fiscal year, ShareChat's operational revenue increased by 29.9% to Rs 718.1 crore from Rs 552.73 crore in FY23. With a reduction in expenses and moderate growth in scale, the company's losses decreased by 41.4% to Rs 1,898.94 crore in FY24. In 2024, the number of layoffs dropped significantly to 4,700 employees, a sharp decrease from the 24,000 layoffs in 2023 and 20,000 in 2022. With funding recovery underway, layoffs are expected to decrease further in the current calendar year.

Paytm Likely To Cut 20% Workforce As Part Of Annual Performance Review

Inc42 · 1y ago

Paytm Likely To Cut 20% Workforce As Part Of Annual Performance Review

Indian fintech giant Paytm is reportedly preparing to cut jobs as part of its annual performance review process. The move comes after the Reserve Bank of India (RBI) recently imposed restrictions on the company's payments bank, preventing it from conducting certain activities. Paytm has not confirmed the number of employees affected, but it is believed that some departments have been asked to reduce their teams by as much as 20%. In addition to the job cuts, Paytm is also focusing on incorporating AI-powered automation into its operations.

Goldman Sachs plans fresh round of job cuts by next month

Livemint

Livemint · 2y ago

Goldman Sachs plans fresh round of job cuts by next month

Goldman Sachs plans to cut jobs as part of its annual evaluation of staff, with reductions expected to be at the lower end of its typical 1% to 5% range. CEO David Solomon announced the resumption of performance-based job cuts after halting them during the pandemic, with further cuts likely in late 2023. This evaluation also aids in determining end-of-year compensation decisions. While initial lists of potential cuts have been drafted, final numbers are still being determined, and there has been no official confirmation from Goldman Sachs.

Flipkart starts same day delivery to compete with Amazon

Inc42 · 2y ago

Flipkart starts same day delivery to compete with Amazon

Flipkart has launched same-day delivery services for various products across 20 cities, joining Amazon in offering this service in India. Customers can receive their orders before midnight if they place the order by 1 PM. Flipkart has invested in fulfillment centers and technology capabilities to ensure efficient delivery. The company plans to expand the service to more cities and categories in the coming months. Flipkart recently introduced its Unified Payments Interface (UPI) offering and is reportedly planning to cut around 1,000 jobs as part of its annual performance reviews.

Flipkart’s fintech dreams: Rolls out UPI offering for select users

Inc42 · 2y ago

Flipkart’s fintech dreams: Rolls out UPI offering for select users

Flipkart has launched its Unified Payments Interface (UPI) offering for a select group of 10,000 users, with plans to scale up nationally in the coming weeks. The move is part of Flipkart's ambitions to establish a comprehensive payment technology ecosystem similar to Amazon Pay. In addition to expanding its fintech presence, Flipkart is reportedly planning to lay off around 1,000 employees as part of its annual performance review process. However, a source claims that the exact numbers are still speculative.

Flipkart Loses 4 SVPs As It Paces Up Its Profitability Run

Inc42 · 2y ago

Flipkart Loses 4 SVPs As It Paces Up Its Profitability Run

Four senior vice presidents have left Indian e-commerce giant Flipkart as the company aims to cut costs and improve profitability. Among those to depart were Cleartrip's head, Ayyappan R, Amitesh Jha, the marketplace and categories leader, Dheeraj A, head of fintech and payments, and growth and retention head Bharath Ram. Flipkart CEO Kalyan Krishnamurthy said the company's efforts to enable wealth creation had given individuals the opportunity to pursue careers beyond Flipkart. The exits come amid rumours that the company is planning to lay off around 1,000 employees as part of its annual performance review process.

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

Startup News FYI

Startup News FYI · 2y ago

Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others

In January 2024, several tech companies implemented job cuts. Frontdesk fired all 200 employees during a two-minute call, Google laid off hundreds of staff across various divisions, Microsoft cut 1,900 jobs, Amazon announced layoffs in Audiobooks, Prime Video, and Twitch divisions, Xerox reduced its workforce by 15%, Unity Software cut 1,800 jobs, Discord laid off 17% of its employees, eBay cut 1,000 jobs, Flipkart laid off 1,000 employees, Swiggy laid off 400 employees, Riot Games cut 11% of its staff, TikTok laid off 60 workers, and Salesforce announced 700 job cuts.

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