New Delhi: In its annual restructuring transfer, e-commerce big Flipkart, owned by Walmart, is about to half methods with roughly 1,000 workers, constituting round 5 p.c of its workforce. The determination comes as a part of the corporate’s routine performance-based job value cuts, sources conversant in the matter knowledgeable Moneycontrol.
Employee Count And Exclusion Of Myntra Staff
As of now, Flipkart has a workforce of round 22,000 folks primarily based in Bengaluru, excluding workers from the e-commerce style portal Myntra. (Also Read: Azim Premji Gifts Rs 500 Crore Worth Wipro Shares To Sons Rishad And Tariq)
No Immediate Response From Flipkart
According to a Moneycontrol report, the web site has reached out to Flipkart for feedback on the event, however the firm has not supplied an instantaneous response to queries relating to the job cuts. (Also Read: Riding The Billions: Meet Indian Tycoon Whose Company Powers Luxury Giants BMW, Mercedes Benz, Rolls Royce And Net Worth Is Rs…)
CEO’s Townhall Insights
During a city corridor with workers on January 25, Flipkart CEO Kalyan Krishnamurthy shared insights into the corporate’s monetary well being. He assured workers that the corporate’s monetary state of affairs is on the upswing and anticipates a big enchancment by the top of the 12 months.
Potential Impact On IPO Plans
Krishnamurthy hinted at the potential for delaying Flipkart’s Initial Public Offering (IPO) till 2025. The determination is attributed to the expectation of higher unit economics by that point, positioning the corporate for a extra favorable IPO.
Positive Developments In Business
Despite the restructuring, Krishnamurthy highlighted constructive developments inside Flipkart. He talked about that the corporate’s United Payments Interface (UPI) undertaking is taking form and present process testing with a restricted group of customers.
Additionally, he reported that Flipkart’s cell app enterprise is now turning worthwhile, indicating constructive traits and progress within the enterprise.
