Walmart-owned Flipkart is restructuring its operations by trimming its workforce by around 7 per cent by April this year.
The e-commerce company has also frozen fresh hiring since the past year to control costs. It currently has 22,000 employees, excluding fashion portal person. It has also postponed its plans to launch an IPO.
The proposed restructuring at Flipkart comes at a time when it is reassessing existing and new lines of business. The company plans to invest in the hotel business of Cleartrip, the travel portal acquired by the group in 2021
Last September, the e-commerce company merged key technology and product roles of its new businesses, Cleartrip (travel) and Flipkart Health Plus (epharmacy), into the core commerce team to streamline operations.
Flipkart-owned Myntra cut at least 50 jobs in July, as it wanted to focus on its top private labels. The company plans to continue focusing on the grocery segment besides expanding its social commerce business Shopsy.
Besides, Flipkart plans to venture into the fintech space through Supermoney, a firm in which the e-tailer has investment around $20 million.
