Gurugram-headquartered foodtech unicorn Zomato is the latest company to announce mass layoffs and pay cuts across the organisation to survive the Covid-19 pandemic’s severe economic impact. CEO Deepinder Goyal told employees in an email that the company will have to layoff around 13% of its total workforce, or nearly 5000 employees.
Goyal added in a blog post said, “Our business has been severely affected by the COVID lockdowns. A large number of restaurants have already shut down permanently, and we know that this is just the tip of the iceberg. I expect the number of restaurants to shrink by 25-40% over the next 6-12 months. What actually happens, for better or worse, is anybody’s guess.”
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