Flipkart, the huge online store that Walmart owns, is planning a big reorganisation to make better use of its resources and make sure it stays profitable. Around 1,500 jobs could be lost because of this move, not counting those at its fashion site, Myntra. The company has made similar changes to the workforce in the previous two appraisal rounds.
Over the past year, Flipkart has stopped hiring new people in order to keep costs down and protect earnings. Also, it is finishing up a $1 billion financing round with Walmart and other partners to help it cut costs and get stronger financially during the restructuring.
Flipkart wants to get the most out of any business it's in, old or new. The top managers will get together next month to talk about the plan for reform in 2024. During this talk, choices may need to be made about who to lay off. Even though Flipkart is changing how it works, it still wants to go public in 2024.
Not only is Flipkart reorganising its own processes, it is also entering new business areas. The company plans to grow into new areas like hotels and leisure after buying Cleartrip. This is a smart move to deal with problems and find new ways to do things.
Flipkart isn't the only company changing because of the slowdown in the global economy. A lot of big IT companies and new businesses in India are also doing the same. Because of the way the economy is right now, companies like Paytm, Amazon, and Meesho have had to lay off workers and reorganise departments.
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