hr.economictimes.indiatimes.com | www.ETHRWorld.com
Walmart-owned Flipkart has begun a workforce reduction exercise that could see its total team size decrease by 5-7%, according to people in the know. This will be completed by March-April as part of performance reviews being conducted currently, they said.
Flipkart has been implementing these performance-based job reductions annually for the past two years. It has also frozen fresh hiring in the past year to control costs, these people said. Currently, the firm is closing $1-billion financing from Walmart and others, first reported by ET on December 21.
India’s largest ecommerce company has 22,000 employees, excluding fashion portal Myntra. “Better utilisation of resources is being planned… across businesses — existing and new,” said a person aware of the matter. The restructuring as well as the roadmap for 2024 will be discussed and crystallised at a gathering of senior executives due next month.
However, there are no plans to revisit its decision to put off its public offering for 2024, said those in the know.
Flipkart had considered launching an IPO during 2022-23, but those plans have been put on hold, at least for this year.
An email sent to Flipkart did not elicit a response on the matter.
Large Indian internet firms have been rationalising teams after they aggressively hired in 2021, aided by record fundraising amid…
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