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Sachin Bansal’s Navi Tech Lays Off 20% Employees
The decision has impacted around 200 employees in tech, product and microfinance divisions
Sachin Bansal’s Navi Technologies, a non-banking financial company (NBFC) has reportedly laid off approximately 200 employees, resulting in a reduction of the headcount by 20 per cent.
According to a media report, the layoffs commenced on Tuesday and will conclude by Friday. The impacted employees majorly belong to the tech, product and microfinance divisions.
The organisation conducts performance appraisals twice a year. These evaluations lead to salary hikes for strong performers and warnings to underachievers.
The company is expected to hire for multiple positions, including a batch of 150+ campus recruits who will be joining in August.
Previously, several leaders and product and tech division employees were forced to resign over the past few months.
Bansal co-founded Flipkart in 2007 and owns 97 per cent of Navi Tech.
