Layoff: Navi Technologies fired 200 employees, further layoffs expected.

Navi Technologies, a company of Flipkart co-founder Sachin Bansal, has laid off around 200 employees. This includes employees from different departments of the company. Sources said the company had started the layoffs a few weeks back. He said that more employees are likely to be fired from the company. Sachin Bansal is the CEO of Navi Technologies.

The source said, “Around 200 employees across all departments have been laid off. 60-70 percent of the employees have been retrenched from the product development and management department. Another source said more layoffs are expected this week.

At the same time, Navi Technologies has not shared any information regarding the retrenchment. According to Navi Technologies’ proposed IPO paper, the company had 4,680 employees as of December 31, 2021. The company plans to raise Rs 3,350 crore through the proposed IPO and has received approval from market regulator SEBI for the same.