Navi Technologies, a financial technology company that is preparing to go public, has laid off around 200 employees across departments. The layoffs began a couple of weeks ago, and more employees are expected to be fired in the coming weeks.
A source familiar with the matter said that the layoffs have affected employees in all departments, but the product development and management section has been hit the hardest. The source said that 60-70% of the layoffs have been in these two departments.
Navi Technologies did not respond to a request for comment.
The layoffs come at a time when Navi Technologies is preparing to go public. The company filed for an IPO in April and is seeking to raise Rs 3,350 crore. The IPO is expected to be launched in the coming months.
The layoffs have raised concerns about the future of Navi Technologies. The company has been facing challenges in recent months, including a slowdown in its lending business. The layoffs could further hurt the company’s morale and productivity.
It remains to be seen how the layoffs will impact Navi Technologies’ IPO. The company is still expected to raise a significant amount of money through the IPO, but the layoffs could weigh on investor sentiment.