Navi Technologies lays off around 150 employees amid delayed IPO: Report – Times of India
Fintech company, Navi Technologies, owned by Flipkart founder Sanjay Bansal, has announced job cuts across the board. As per a report, the job cuts are likely to impact 100-150 employees. Bansal, who had co-founded Flipkart in 2007, owns around 97% of Navi Technologies. The fintech company was founded in December 2018, after Bansal quit Flipkart.
“There have been layoffs in the tech team given the push is towards revenue generation. Also, there may have been some layoffs in the microfinance division of Chaitanya,” a report by The Economic Times quoted a source as saying.
The publication also reported that the company said it conducts performance appraisals twice a year, which results in expected departures from the company.
“Navi continues to have multiple open positions and the company is expected to continue hiring many new employees this year, including a batch of 150+ campus hires who will be joining in August,” it added.
“Several leaders and employees across the product and technology functions have also been forced to resign over the past few months. But the layoffs have started this week and we still don’t know the entire situation yet,” the report highlighted.
IPO delayed
According to the draft IPO paper, Navi Technologies had 4,680 employees as of December 31, 2021. The company has plans to raise Rs 3,350 crore through the proposed IPO and has received market regulator Sebi’s approval for the same. The company received the regulator’s nod in September 2022, it had held back the initial public offering amid a correction in global markets.
“There have been layoffs in the tech team given the push is towards revenue generation. Also, there may have been some layoffs in the microfinance division of Chaitanya,” a report by The Economic Times quoted a source as saying.
The publication also reported that the company said it conducts performance appraisals twice a year, which results in expected departures from the company.
“Navi continues to have multiple open positions and the company is expected to continue hiring many new employees this year, including a batch of 150+ campus hires who will be joining in August,” it added.
“Several leaders and employees across the product and technology functions have also been forced to resign over the past few months. But the layoffs have started this week and we still don’t know the entire situation yet,” the report highlighted.
IPO delayed
According to the draft IPO paper, Navi Technologies had 4,680 employees as of December 31, 2021. The company has plans to raise Rs 3,350 crore through the proposed IPO and has received market regulator Sebi’s approval for the same. The company received the regulator’s nod in September 2022, it had held back the initial public offering amid a correction in global markets.
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