Indian food delivery giant Zomato to lay off 3% of its workforce

Indian food delivery giant Zomato is looking to lay off about 3% of its workforce due to “regular performance evaluations,” the company said in a statement.

• Founded in 2008 by Deepinder Goyal and Pankaj Chaddah, Zomato provides information, menus and user reviews of restaurants as well as food delivery options from partner restaurants in select cities.
• The firm reportedly has around 3,800 employees right now, meaning the decision may affect more than 100 people.
• This latest layoff is coming after three top executives left the company in the last few weeks, co-founder Mohit Gupta, head of new business Rahul Ganjoo, and VP of global growth Siddharth Jhewar.
• The move follows Zomato reporting narrowing adjusted EBITDA losses to around $19 million in the first quarter of its 2022 financial year, compared to $27.9 million in the previous quarter.
• The last time Zomato did a layoff was in 2020, when the company laid off 520 employees, or 13% of its staff, in response to the downturn in business following the coronavirus pandemic.