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Flipkart confirms 700 layoffs at cut cost

Flipkart plunders at least 700 employees or more than 3 percent of its workforce as it seeks to cut costs to compete with rivals like Amazon and Snapdeal.

Flipkart is asking “underperforming” employees to resign or face the possibility of being fired, according to sources.

The number of employees who may be handed pink slips could add up to 1,000, they said.

Flipkart-Sachin_Bansal

Flipkart

They hoped that this “shock 1-2 percent of the employee base” as the company wants to be a “lean organization,” he added.

Flipkart, recently had faced the reduction of valuation, has made several changes in its business model, including raising margins charges from sellers.

When contacted, a spokesman Flipkart confirmed that some employees were being subjected to performance evaluation, but declined to comment on the number of layoffs on the horizon.

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