Online food-ordering site Foodpanda lays off 300 employees in India
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Rocket Internet-backed online food ordering service Foodpanda's India unit has laid off over 300 people, joining rivals Zomato, Swiggy and TinyOwl in scaling down its business in the country to curb cash burn.
The downsizing, which was confirmed by Foodpanda India CEO Saurabh Kochhar, will see the company losing close to 15 per cent of its staff from across business segments. The layoffs will be restricted only to Foodpanda's Indian business.
"While we continued to invest in processes and technology we also had to take some difficult decisions but we believe them to be necessary steps on our path to become sustainable and profitable within the targeted timeline," said Kochhar, in a statement.
The company claims the layoffs were triggered due to the achievement of "about 98% automation rate in order processing", which meant it needed fewer staffers to handle the same amount of orders. The biggest chunk of layoffs - 250 employees - came from the shutting down of an in-house call centre.
Foodpanda has become the latest victim to a wave of downsizing that has hit the Indian online food ordering and delivery companies. Complaining of high cash burn rates, investors have cracked down on companies spending big bucks on marketing, offering cash discounts and hoarding up top rated talent.
In September, TinyOwl laid off close to 100 employees from its Mumbai and Pune offices. Later in October, Zomato let go of close to 300 employees, followed by CEO Deepinder Goyal sending out an email to employees complaining of low sales effectiveness and that the company would miss its annual revenue targets.
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