Sachin Bansal's Navi Technologies lays off around 200 employees
According to a source, the lay offs at Navi Technologies started a couple of weeks back, and more employees are likely to be fired from the company.
IPO-bound has laid off around 200 employees across departments, according to multiple industry sources.
A source said that the lay-off started a couple of weeks back, and more employees are likely to be fired from the company.
"Around 200 employees have been fired across all departments. 60-70% have been impacted in the product development and management section," one of the sources said.
Another source said that more lay-offs are expected this week. Navi Technologies did not respond to the queries.
According to Navi's' draft IPO paper, the company had 4,680 employees as of December 31, 2021.
In September last year, the Sachin Bansal-led company received a go-ahead from market regulator the Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) to raise funds through a fresh issue of Rs 3,350 crore.
The company will invest Rs 2,370 crore in Navi Technologies (NFPL) and another Rs 150 crore in Navi General Insurance Limited (NGIL), while it will save the remaining amount for use in general corporate purposes, it had said earlier.
Navi had filed its Draft Red Herring Prospectus (DRHP) with SEBI in March 2022, where it said the entire fundraise will be a fresh issue (with no offer-of-sale), meaning Bansal—who has invested around Rs 4,000 crore into Navi to date—will not dilute his stake (about 97.77%) in the IPO.
(With additional inputs from PTI)
Edited by Suman Singh