Tuesday, July 16, 2024

Sachin Bansal-Led Navi Technologies lays off 200 employees

Sachin Bansal-led fintech startup Navi Technologies has reportedly laid off nearly 200 employees across multiple departments.

Employees in the product development and management teams were impacted the most by at least 60-70 per cent, reports Your Story.

The layoffs started some time back and more employees are likely to be sacked in the coming days, the report noted.

Navi Technologies was yet to comment.

The layoffs occurred as the company’s NBFC arm, Navi Finserv, was raising up to Rs 500 crore through the public issue of Non-Convertible Debentures (NCDs).

Navi’s parent company Navi Technologies filed its Draft Red Herring Prospectus (DRHP) in March last year to raise Rs 4,020 crore via its IPO.

However, Navi was yet to go public.

The company will invest Rs 2,370 crore in Navi Technologies (NFPL) and another Rs 150 crore in Navi General Insurance Limited (NGIL).

The fintech unicorn had around 4,680 employees as last reported in 2021.

Navi is the latest venture by Bansal, co-founder of Flipkart and Ankit Agarwal, formerly a banker with Deutsche Bank and Bank of America, that plans on making financial services simple, transparent and accessible to all.

Founded in December 2018, Navi started with digital lending and has served over 1.5 lakh customers with its wholly-owned NBFC subsidiary ‘Navi Finserv’.

Shortly after, Navi launched general insurance. It also ventured into micro-financing, and has served more than 5 lakh customers across eight states.

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