Aadil Kazmi, CEO and co-founder of Toronto-based Swyft Technologies Inc., confirmed in a text that his startup, which has provided same-day local delivery for ecommerce brands including Knix, Kotn and Lush Cosmetics, has laid off 10 of its staff in Canada and the U.S. “to hyper focus on the core business.” According to LinkedIn, the company has 34 employees.
The layoffs are part of a sector-wide belt-tightening that has been more evident in the U.S. as unprofitable tech companies, pushed by investors, look to reduce their “burn” – the pace at which their cash reserves dwindle – and extend how long they can pay for their operations with existing funds. The shift comes after aLayoffs.fyi
The industry’s new-found austerity contrasts with the previous “grow-at-all-costs” mentality fueled by cheap capital, COVID-19 stimulus spending and an accelerated shift to digital channels during lockdowns. That led to record venture capital fundraising and a boom in initial public offerings. Mr. Kazmi started Swyft after being inundated in his previous job as an engagement manager with Amazon by independent merchants he knew. They wanted to know how they could get faster, affordable shipping for their online orders, just like Amazon offered, and had conditioned online shoppers to expect. He quit his $200,000-a-year job in 2020, abandoned his stock options and co-founded Swyft to provide the same level of speedy shipping to merchants in Amazon’s shadow.
You should run a story on how this company is scamming customers and retailers through stealing all their packages instead! I’ve been back and forth with HoltRenfrew for over a week on a package that Swyft is claiming they attempted to deliver twice
Something is going seriously wrong in Swyft’s L.A. operations. “1-2 day” delivery promise, yet the reality is up to 20-day delays, and shipments not moving at all. What is happening?