The food delivery app said this would be the final restructuring exercise, and that there would be no further layoffs going forward.

“In May, we began the exercise of realigning resources to create capacity in higher potential areas with the optimism of the business attaining pre-Covid-19 levels in the near-term….With the industry still only having recovered to about 50% of its peak, we have to, unfortunately, go ahead with this final realignment exercise, which will result in the net loss of 350 jobs,” Swiggy said in a statement.

All impacted employees will receive at least three months’ salary, along with accelerated stock vesting, health insurance till December, and an extra month of ex-gratia for every year they have spent with the organization.

The Bengaluru-based company recently closed its latest $150 million funding round, led by South African investor Naspers along with smaller ones, Ark Impact, Korea Investment Partners, Samsung Ventures and Mirae Asset Capital Markets.

In May, rival Zomato trimmed its workforce by 13% and cut salaries. Earlier this month, however, the firm reinstated salaries of all retained employees.