Walmart fires 56 executives in India as it restructures its business. Many Indian startups downsize workforce as investor scrutiny rises.
Revamped: The world's largest retailer is trimming its ranks in India.
Walmart has reportedly fired 56 of its executives in the country. The move has "mostly affected" those in the company's real estate division, which takes care of store expansion. And it happens at a time when Walmart is seeking to focus on its e-commerce bet in the country over its physical stores (of which it has 28 in India).
Walmart has around 600 employees in its India head office and a total of around 5,300 nationally. Reuters
End of the Road: Walmart isn't the only company trying to cut down employee costs. Many of India's home-grown startups have handed out punk slips lately or are likely to in the immediate future. These include OYO, Ola, Paytn, Quickr, Zomato and Rivigo.
Why?: One reason is rising debt and another is increased investor scrutiny of these firms' business models. Read details here.
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