Navi Technologies, founded by Sachin Bansal, fires over 250 employees

July 14, 2023

, By Editorial Team

Navi Technologies,

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NBFC start-up Navi Technologies, founded by Flipkart co-founder Sachin Bansal, has initiated a fresh round of layoffs, resulting in the termination of over 250 employees, according to sources. This development sheds light on the ongoing downsizing efforts within the company.

Scale and Impact of the Layoffs

Sources have confirmed that the layoffs began earlier this week and will continue until the first half of Friday. Various departments, including Tech, Product, Business, and Analytics, have been affected. Navi Technologies aims to downsize its workforce by 20%, impacting more than 250 individuals.

Changes in HR Policy

Sources have also revealed a recent change in the company’s HR policy. Previously, Navi conducted appraisal rounds in June and December, granting promotions and taking action against underperformers. However, under the revised policy, promotions will only be given in December, and layoffs will occur in both appraisal cycles. Furthermore, the new policy eliminates severance packages for employees laid off during either of these cycles.

Downsizing Plans and Performance-Based Layoffs

An employee familiar with the HR department disclosed that the top management had intended to downsize, prompting adjustments to the HR policy to minimize severance payouts. Moreover, they revealed that not all layoffs were solely based on performance reviews. In some cases, management reportedly influenced the review process to lower the scores of specific employees and subsequently justified their termination.

Navi’s Operations and Future Funding Plans

Navi Technologies is a fintech start-up operating in various domains, including digital lending, home loans, mutual funds, health insurance, and microloans. A reliable source within the company revealed plans to raise funds through debentures in the coming months, indicating Navi’s efforts to secure financial resources for future growth and stability.

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Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Navi Technologies, founded by Sachin Bansal, fires over 250 employees

July 14, 2023

, Published By Editorial Team

Navi Technologies,

NBFC start-up Navi Technologies, founded by Flipkart co-founder Sachin Bansal, has initiated a fresh round of layoffs, resulting in the termination of over 250 employees, according to sources. This development sheds light on the ongoing downsizing efforts within the company.

Scale and Impact of the Layoffs

Sources have confirmed that the layoffs began earlier this week and will continue until the first half of Friday. Various departments, including Tech, Product, Business, and Analytics, have been affected. Navi Technologies aims to downsize its workforce by 20%, impacting more than 250 individuals.

Changes in HR Policy

Sources have also revealed a recent change in the company’s HR policy. Previously, Navi conducted appraisal rounds in June and December, granting promotions and taking action against underperformers. However, under the revised policy, promotions will only be given in December, and layoffs will occur in both appraisal cycles. Furthermore, the new policy eliminates severance packages for employees laid off during either of these cycles.

Downsizing Plans and Performance-Based Layoffs

An employee familiar with the HR department disclosed that the top management had intended to downsize, prompting adjustments to the HR policy to minimize severance payouts. Moreover, they revealed that not all layoffs were solely based on performance reviews. In some cases, management reportedly influenced the review process to lower the scores of specific employees and subsequently justified their termination.

Navi’s Operations and Future Funding Plans

Navi Technologies is a fintech start-up operating in various domains, including digital lending, home loans, mutual funds, health insurance, and microloans. A reliable source within the company revealed plans to raise funds through debentures in the coming months, indicating Navi’s efforts to secure financial resources for future growth and stability.

Also Read The Latest News:
Former upGrad CEO Arjun Mohan joins BYJU’S as CEO of international business
Google launches Bard Chatbot in over 40 languages, including EU

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Former Twitter executive alleges $500 million in unpaid severance

Next News

Tesla initiates talks for car manufacturing plant in India

StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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