2024-01-08 10:42:08
Flipkart, a popular e-commerce company based in Bengaluru, has announced significant losses, leading to the decision to lay off 7 percent of its employees. The economic recession stemming from the 2020 Corona Pandemic has continued to worsen, resulting in losses for many IT and e-commerce companies worldwide.
Since the pandemic began, layoffs have been a common occurrence in the sector. Flipkart, initially launched to sell books online in 2007, evolved into a profitable platform for consumer electronics, fashion apparel, accessories, home appliances, and groceries. The company competes with the well-known US-based Amazon in the same industry.
In 2018, US-based multinational retailer Walmart acquired 77 percent of Flipkart’s shares. However, despite this partnership, Flipkart reported a loss of Rs 4,890 crore in the financial year 2022-23. As a result, the company has decided to lay off a portion of its workforce, with the retrenchment set to be completed by next April. Notably, Flipkart had recently ceased hiring new employees in response to the financial challenges.
#Corporate #Restructuring #Flipkart #Lay #Percent #Employees #Performance #Restructuring