Navi Technologies is reportedly laying off around 150-200 employees across various departments.
Sources said the job cuts are expected to impact the tech and product teams the most.
Although the exact number of affected roles was not disclosed, the company said the cuts were carried out as part of their routine performance appraisals.
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The firm said: “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.”
This development coincides with its decision to postpone its initial public offering (IPO) due to the lackluster demand for tech stocks.
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Last September, the Securities and Exchange Board of India (SEBI) approved Navi’s Rs 3,350 crore IPO.
Recently, Navi Finserv, the lending arm of Navi, announced plans to raise ₹500 crore by issuing non-convertible debentures (NCD) to the public.
Navi Technologies, founded in 2018 by Sachin Bansal (co-founder of Flipkart) and Ankit Agarwal, initially focused on digital lending and later expanded its operations to include insurance and micro-financing.
