India, May 18 -- After Zomato made its decision to lay-off 13 percent employees last week, Swiggy has now announced a similar cost-cutting measure. Sriharsha Majety, the co-founder and CEO of the platform, has informed of the company's decision to let go of nearly 1100 employees. "Today is one of the saddest days for Swiggy as we have to go through an unfortunate downsizing exercise," said Majety.

Citing the ongoing COVID-19 pandemic as the reason, Majety said that the company has been forced to take a harder look at the cost base and preparedness of the organization for the road ahead as nobody is aware of how long the air of uncertainty around the pandemic will last.

"We also need to build a much leaner org and reduce costs to be able...