Navi Technologies, led by Sachin Bansal, initiates layoff of around 200 employees
image for illustrative purpose
Navi Technologies, a company gearing up for its IPO, has reportedly initiated a series of layoffs, with around 200 employees already affected, according to multiple industry sources. The layoff process began a few weeks ago, and there are indications that more employees may face termination in the coming weeks.
Sources revealed that the layoffs have impacted various departments within the organization, with the product development and management sections being hit the hardest, accounting for approximately 60-70 percent of the affected workforce. These sources further stated that additional layoffs are anticipated in the near future.
Despite attempts to seek clarification from Navi Technologies, the company has not responded to inquiries regarding the reported layoffs. As per the draft IPO document submitted by Navi Technologies, the company had a total of 4,680 employees as of December 31, 2021.
Navi Technologies has ambitious plans to raise approximately Rs 3,350 crore through its upcoming initial public offering and has already obtained approval from the Securities and Exchange Board of India (SEBI) for the proposed IPO. The company aims to utilize the funds raised to support its growth and expansion strategies.
While the reasons behind the layoffs and the specific criteria for employee selection remain undisclosed, such workforce reductions can occur for various reasons, including cost-cutting measures, organizational restructuring, or realignment of business priorities. Layoffs, however, can be challenging for the affected employees, causing uncertainty and anxiety regarding their future career prospects.
It is important to note that as the situation unfolds, more details regarding the extent and impact of the layoffs may emerge. The employees directly affected by these developments will need to navigate the transition and explore new opportunities in the job market. The IPO process will also continue to garner attention as investors and stakeholders assess the potential implications of these workforce changes on the company's future prospects.
