Sachin Bansal’s Navi Technologies lays off 150-200 employees

NEW DELHI: In a downsizing exercise, Sachin Bansal’s Navi Technologies has laid off some 150-200 employees across departments, sources aware of the development said. The company did not disclose the number of impacted employees but said that the job cuts were part of the firm’s performance appraisals. “Navi conducts performance appraisals twice a year which results in expected departures from the company.
However, Navi continues to have multiple open positions and the company is expected to continue hiring many new employees this year, including a batch of over 150 campus hires who will be joining in August,” the firm said in a statement.
The development comes at a time when the company has put its initial public offering (IPO) on hold amid a tepid appetite for tech stocks. The firm had received SEBI’s approval for its Rs 3,350 crore IPO in September last year.
The layoffs are expected to impact the product and tech teams the most, sources said.
Earlier this week, Navi Finserv, the lending business of Navi Technologies announced plans to raise up to Rs 500 crore through the public issue of non-convertible debentures (NCD).
Founded in 2018 by Sachin Bansal who co-founded e-commerce giant Flipkart and Ankit Agarwal, Navi Technologies started with digital lending and eventually branched out into other segments to cover insurance and micro-financing.