Swiggy

In January 2024, Swiggy cut about 400 jobs (7% of workforce) ahead of its planned IPO, following 400 layoffs in early 2023. Sources said there was 'immense pressure' from investors Prosus and SoftBank to show profitability before filing IPO prospectus. The layoffs affected tech and operations teams. Investment bankers held that Swiggy needed to beat rival Zomato on many metrics for good valuation.