New Delhi: E-commerce giant Flipkart is to fire around 1,100 employees after analysing their performance as poor in its annual performance review, PTI reports citing sources.
The said number of employees constitutes 5 per cent of the firm's total workforce. Flipkart has a total workforce of 22,000 on its payroll. This includes employees in the fashion portal Myntra.
Walmart group firm Flipkart conducts performance assessments of employees between January and February based on work done in the previous calendar year.
"About 5 per cent of the total workforce may see exit after the performance development cycle for 2023 is over. The evaluation starts in January and will go for about a couple of more weeks," a source said.
According to another source, Flipkart has around 22,000 employees, and as a result of performance evaluation, around 1,100 people may leave the company.
Mint reported that Flipkart CEO Kalyan Krishnamurthy held a town hall with employees where he stated that the firm's financial health is improving.
The annual report said that as the unit economics gets better, Flipkart will push its IPO to 2025.
Further, the firm's grocery business has shown a positive arc and is doing well, Moneycontrol reported. The market is also improving for the firm's mobile app too.
The company is testing its United Payments Interface (UPI) project with a small set of users. Flipkart's UPI system will allow users to pay from the app itself instead of switching to other apps.