Sachin Bansal’s Navi Technologies lays off 20% employees: Report
Navi Technologies, the NBFC startup founded by Sachin Bansal, has reportedly laid off over 250 employees, around 20% of its workforce, as part of a downsizing initiative.
Navi Technologies, a non-banking financial company (NBFC) startup established by Sachin Bansal, the founder of Flipkart, has reportedly undertaken a recent workforce reduction, resulting in the termination of over 250 employees, 20% of its workforce.
This information has been acquired from reliable sources cited by Business Today. LiveMint could not independently verify the report.
A laid-off employee, who wishes to remain anonymous, revealed to the publication that they had been part of the company's tech team for over a year. Their employment was terminated on July 11 without receiving any severance pay, which they speculated could be attributed to a newly implemented HR policy.
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An anonymous source within the company's administration department has confirmed to the publication the ongoing staff reduction process, shedding light on the extent of the downsizing initiative.
The layoffs commenced on July 11 and are expected to continue until the first half of July 14. It has been revealed that no department has been spared, including Technology, Product, Business and Analytics.
The source also detailed a recent alteration in the company's HR policies. Previously, Navi Technologies conducted two appraisal rounds, one in June and another in December. During these evaluations, employees who demonstrated strong performance were granted salary hikes while underperformers received warnings and opportunities to improve.
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Only a limited number of individuals were subject to layoffs. However, under the latest HR policy, promotions will only be granted in December, and layoffs will occur during both appraisal cycles.
Also, the revised policy states that no severance package will be provided to employees who are laid off during either of these cycles, the publication reported.
Meanwhile, the company has released an official statement on the issue. “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 150+ campus hires who will be joining in August,” says the statement.
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