In July 2023, the fintech startup Navi Technologies, founded by Flipkart co-founder Sachin Bansal, laid off between 150 to 200 employees. This workforce reduction, impacting product, analytics, and technology functions, occurred amid a delayed initial public offering (IPO) and a broader push toward revenue generation. The company attributed the departures to routine performance appraisals, stating it still planned to hire, including over 150 campus recruits. The layoffs reflect challenges within the fintech sector and Navi's strategic adjustments as it navigates regulatory hurdles and market corrections, having postponed its planned Rs 3,350 crore IPO despite earlier regulatory approval.
