Navi General Insurance, part of Sachin Bansal's fintech venture Navi, laid off 40 employees in late 2020, reducing its workforce of about 163 by roughly 25%. The layoffs, which included senior roles like the CEO of the general insurance division, were part of a strategic restructuring as the company aims to become a fully technology-driven financial services firm. This move coincided with Navi's relocation from Mumbai to Bengaluru by the end of 2020, a shift that prompted some employee concerns about the insurance market in the new location. The company cited redundancies and a need to align staff with future strategies, particularly for its COCO insurance product, as reasons for the job cuts.
