Indian food delivery giant Zomato is looking to lay off “under 3%” of its workforce due to “regular performance evaluations,” Livemint reported, citing a statement from a company representative.
The firm reportedly has around 3,800 employees right now, meaning the decision may affect more than 100 people.
In the past weeks, at least three prominent executives have left the company: 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 US$19 million in the first quarter of its 2023 financial year, compared to US$27.9 million in the previous quarter.
At the time, CFO Akshant Goyal said that the company’s food delivery business hit a milestone by getting adjusted EBITDA breakeven in the reported period.
See also: Zomato’s financial health in 5 charts
Editing by Miguel Cordon and Lorenzo Kyle Subido
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