Layoffs in India

Indian agritech startup DeHaat, a soonicorn valued over $500 million, conducted layoffs in early August 2022, less than a year after raising a record $115 million. Founder and CEO Shashank Kumar confirmed the workforce reduction but disputed external reports of 500 job cuts, stating the number was not in the triple digits and attributing the action to performance corrections and culture misfits. With a total employee base exceeding 2,000 after rapidly adding 1,200-1,300 staff in the prior 14-15 months, the company aimed for profitability by March 2024 despite widening losses, highlighting the ongoing adjustments within the high-growth agritech sector.

Indian urban mobility firm Ola is laying off approximately 1,000 employees as part of a major restructuring effort to sharpen its focus on the electric vehicle (EV) sector. The layoffs, ongoing as of late July 2022, affect various verticals including mobility, hyperlocal services, fintech, and used cars. Concurrently, the company is aggressively hiring for its EV business, planning to bring in significantly more talent for initiatives like lithium-ion battery cell manufacturing and electric car development. This shift represents a strategic repurposing of its workforce rather than mere cost-cutting, as Ola pivots away from some of its earlier super app ambitions to concentrate on its core electric mobility future.

Bikayi, a Sequoia and Y Combinator-backed retail tech startup based in Bengaluru, has laid off more than half of its workforce in recent months. From a peak of 500-600 employees in February 2022, the company reduced its headcount to just 244 by late July, representing a layoff of over 50%. This drastic downsizing follows a severe revenue decline, dropping from approximately INR 1.9 crore in April 2022 to under INR 10 lakh by July, amid fraud allegations, an exodus of sellers, and critical issues with its business model targeting small retailers. Facing operational failures and mounting challenges, Bikayi is now pivoting to focus on enterprise clients, despite a highly competitive landscape.

Bright Money laid off 100 employees representing approximately 50% of its workforce on 2022-07-15.

Mumbai-based D2C fresh vegetables delivery startup Fraazo has laid off over 150 full-time employees, a significant workforce reduction driven by a severe funding crunch. The layoffs, announced on July 9, affected multiple departments including operations, tech, and product. In a major operational pullback, the company has also shut down over 50 dark stores nationwide and completely exited the Delhi-NCR market. This restructuring, which includes potential further closures in Hyderabad and Bengaluru, comes less than a year after Fraazo raised $50 million, highlighting the intense pressure in the quick-commerce sector as the startup scales down to conserve capital.

Toppr, an edtech startup owned by BYJU'S, laid off over 350 employees in late June 2022, following its acquisition by the larger company. The layoffs primarily affected content and media teams, including subject experts and developers, as BYJU'S restructured and aligned business lines post-acquisition. Employees were asked to resign by June 29 or face termination, with severance including notice pay and additional compensation. This move occurred shortly after layoffs at another BYJU'S subsidiary, WhiteHat Jr, reflecting broader adjustments in the edtech industry amid shifting business priorities.

Gurugram-based EV mobility startup Oye Rickshaw laid off 40 employees earlier this month, representing 20% of its 200-person workforce, amid a market downturn and mounting losses. The company, backed by Matrix Partners, cited the need to ensure stability and restructure teams across verticals. Sources indicate the layoffs primarily affected the struggling 'Ride business'—an e-rickshaw aggregator service that has been difficult to scale due to challenges with driver adoption of the app. The startup is reportedly considering winding down this segment while continuing its delivery and battery swapping operations. This move reflects broader pressures in the Indian startup ecosystem, where over 10,000 employees have been laid off in 2022.

WhiteHat Jr, a children's coding platform owned by Indian edtech giant Byju's, has laid off approximately 300 employees globally in late June 2022. This workforce reduction is part of a broader "realignment" of business priorities by the parent company, Byju's, which cited a need to optimize teams for long-term growth. The layoffs occur amid a significant market downturn affecting the global and Indian startup ecosystem, particularly in the edtech and consumer tech sectors, where numerous companies have recently cut jobs. This move reflects the challenging investment climate and ongoing corrections within the industry.

In June 2022, the employee wellness startup Nova Benefits, based in Bengaluru, laid off approximately 30% of its workforce as part of a restructuring effort amid a tepid funding climate. While the exact number was not officially confirmed, the company had around 200 employees at the time, suggesting about 60 individuals were affected. This move occurred while Nova was in talks to raise a new funding round of around $30 million. The layoffs, which included a prior round letting go of about a dozen employees, reflect a broader trend of workforce reductions across early-stage Indian startups during that period, as companies adjusted to challenging market conditions.

B2B ecommerce unicorn Udaan has laid off around 180 employees as part of cost-cutting measures to enhance efficiency and achieve sustainable growth, confirmed in June 2023. While the company stated the layoffs affected approximately 180 staff, some sources suggest the number could be as high as 600. Founded in 2016 and based in Bengaluru, Udaan operates as a major platform connecting SMEs, wholesalers, and retailers across India, with a network spanning 900 cities. The layoffs follow a $250 million debt funding round raised just six months prior, highlighting the ongoing adjustments in the competitive Indian startup landscape to refine cost structures and pursue profitability.

Bengaluru-based edtech startup SuperLearn, which operated a webinar-style online learning platform for children aged 3-13, shut down its operations earlier this year. The company, founded in 2020, laid off its entire workforce as it ceased operations, impacting all employees. This closure occurred amid a broader slowdown in the edtech sector, driven by diminishing investor interest, rising user acquisition costs, and a decline in demand as schools reopened post-pandemic. SuperLearn had raised $300,000 in pre-seed funding and had attracted over 40,000 users, but cofounder Kunal Bhatia cited insufficient runway and shifting market dynamics as key reasons for the shutdown. The company is returning remaining funds to its investors.

Aqgromalin, a Sequoia-backed agritech startup specializing in animal husbandry and aquaculture, has laid off 80 full-time employees, representing about 30% of its workforce. The layoffs, which occurred in mid-May 2022, were a result of a failed Series A funding round after a lead investor unexpectedly pulled out due to the economic downturn, causing a co-investor to follow suit. Based in Chennai, the startup is now restructuring its business, shifting focus away from poultry and large animals to concentrate primarily on aquaculture. Additionally, Aqgromalin is actively pursuing merger talks, including discussions with the D2C meat unicorn Licious, to secure a financial lifeline.

In June 2022, Indian social commerce startup CityMall laid off 191 employees, impacting at least 30% of its workforce, which had recently been over 500. The Gurgaon-based company, which had just raised $75 million in late March and over $110 million total from investors like General Catalyst, announced the cuts to implement structural changes and align with an evolving business model amid a sharp market reversal. This move was part of a broader trend of layoffs across Indian startups, as global tech stock declines led investors to slow funding. CityMall, which partners with thousands of micro-entrepreneurs across about 30 cities, described the decision as one of its toughest, offering support to affected staff.

In June 2022, SoftBank-backed Indian edtech unicorn Unacademy laid off another 150 employees, representing about 2.6% of its workforce. This primarily affected staff from its PrepLadder team, which it acquired in 2020, along with some sales personnel. The company framed the move as a result of a performance improvement program, denying it was a layoff, but the context points to broader cost-cutting efforts. This followed a larger round earlier in 2022, where Unacademy let go of around 600 employees (10% of its workforce) to reduce cash burn. The actions come amid a "funding winter" for Indian startups, a normalization of post-pandemic demand for online education, and significant financial pressures, as the company's net loss widened to Rs 1,537 crore in FY21 despite revenue growth.

PharmEasy, an Indian health-tech startup preparing for an IPO, laid off approximately 40 full-time employees from its subsidiary Docon Technologies in late April 2022. This represents a small fraction of its overall workforce, as the company had recently shifted many other Docon employees to different entities within its parent group, API Holdings. The layoffs, primarily affecting sales roles like business development managers, were part of a restructuring effort after Docon, an electronic medical record solutions provider, struggled to scale revenue and remained loss-making. PharmEasy is consolidating operations under the PharmEasy One brand and aiming for profitability ahead of its public listing, reflecting broader cost-cutting trends in the Indian startup ecosystem that year.

Breathe Well-being, a Gurugram-based healthtech startup focused on diabetes reversal, has laid off approximately 50 employees, representing nearly 30% of its workforce, in recent weeks. The company, which had around 170 employees, was forced to cut costs due to significant financial losses and an inability to secure new funding. This move follows aggressive hiring earlier in the year in anticipation of investment that never materialized, leading to rescinded job offers for new hires as well. The layoffs, occurring in mid-2022 amid a broader economic downturn, affected various departments including sales, operations, and tech. Backed by Accel and other investors, Breathe Well-being highlights the challenges faced by startups in sustaining growth without continuous capital infusion.

New Delhi-based SaaS logistics startup FarEye has laid off approximately 250 employees this week, impacting staff across its global offices in India, North America, and Europe. The layoffs, which affected around one-third of its workforce of over 750, were attributed to organizational restructuring amid softening market conditions. Employees from various departments, including product, engineering, sales, and talent acquisition, were informed individually and asked to leave promptly, though the company committed to providing two months' salary as severance. This move comes nearly a year after FarEye raised $100 million in a Series E funding round, reflecting broader challenges in the startup ecosystem where Indian companies have seen significant workforce reductions in 2022.

Gold loan fintech platform Rupeek laid off over 180 employees in June 2022, representing 10-15% of its workforce of over 1,200. The company cited a subdued macroeconomic environment and the need to recalibrate strategy, reduce costs, and create a leaner organization to ensure sustenance and growth. This move marked one of the first significant layoffs in the fintech sector amid a challenging funding winter. Despite reporting strong growth and a $1 billion annual disbursement run rate, Rupeek undertook this restructuring to align its workforce with revised strategic plans, acknowledging the difficulty of the decision while committing to support affected employees.

Mumbai-based edtech unicorn Eruditus, backed by SoftBank, has laid off 40 employees as part of a broader workforce reduction. This move, carried out over the past month, is part of a trend where the company is scaling back hiring significantly, planning to add only 100-150 new hires this year compared to 1,300 in the previous 12 months. Consequently, the talent acquisition team was halved, with 15 members let go from a team of 30. In total, 80 employees have recently departed, with half leaving voluntarily. The layoffs are aimed at optimizing costs and steering toward profitability amid a cautious funding environment, even though Eruditus has substantial financial reserves, including a recent $350 million debt raise. The company partners with top global business schools to offer executive education programs.

Yojak, a Gurugram-based B2B ecommerce marketplace in the construction industry, laid off approximately 140 employees in April and May as it shut down its domestic operations. The startup, backed by Info Edge, had a total workforce of around 280 before the cuts, meaning the layoffs affected about half of its staff. This decision came after the company ran out of funds to sustain its India-focused business, despite receiving $3.8 million in Pre-Series A funding just nine months earlier. Yojak will now pivot to focus exclusively on its export division, targeting markets like the US and the Middle East, as it shifts from serving local retailers to connecting Indian manufacturers with international buyers.

Edtech startup Udayy, backed by Info Edge, has shut down entirely and laid off all its employees, affecting nearly 100 staff members. The closure, announced in June 2022, was driven by stagnating growth as children returned to physical schools in the post-pandemic world, undermining the company's online live-learning model for grades 1-5. After evaluating various pivots, the founders decided to cease operations, refund customers, and return remaining capital to investors. The company provided severance packages and assisted nearly all affected employees in finding new jobs.

Mobile Premier League (MPL), an Indian esports and skill gaming startup, laid off 100 employees, representing about 10% of its workforce, in late May 2022. This move came as the company exited the Indonesian market and discontinued its in-app streaming product, responding to a broader slowdown in the startup ecosystem after a pandemic-fueled boom. The Bengaluru-based founders cited a market shift toward rewarding profitable growth over aggressive expansion, necessitating rapid restructuring to ensure long-term health. Affected employees received full severance and extended ESOP options.

New York-based fintech startup Daloopa laid off around 40 to 50 employees from its Noida, India office on May 27, 2022, marking its second round of job cuts in two months. The layoffs affected trainees, mid-level, and senior employees, including some hired as recently as April and May. The company, which provides AI solutions for investment research data and had raised $20 million in Series A funding led by Credit Suisse, reportedly faced challenges in securing subsequent funding. This move reflects broader difficulties in the tech startup sector, where investors like SoftBank and Tiger Global have reduced exposure amid market downturns.

FrontRow, a Bengaluru-based edtech startup backed by Lightspeed and other investors, laid off 145 employees on May 27, representing about 30% of its 500-person workforce. The cuts primarily impacted the sales, quality control, and HR teams as the company seeks to reduce costs and improve efficiency amid a broader funding crunch and challenging market conditions. Notably, affected employees did not receive a severance package, though they were paid their May salaries. This restructuring comes just eight months after FrontRow raised $14 million in a Series A round, highlighting the pressures facing startups in the competitive non-academic upskilling industry.

Bengaluru-based healthtech startup MFine has laid off approximately 600 employees this week, which constitutes about 75% of its workforce, previously estimated at around 800 people. The drastic cuts, communicated via Google Meet, were primarily driven by severe financial difficulties, with the company reportedly exhausting its funds and a potential future deal falling through. Despite recent hiring activity and project assignments, most of the sales and marketing teams have been dissolved. MFine, founded in 2017 and last valued at around $450 million, offers telemedicine services and had raised close to $97 million to date. The company plans to provide severance, including 20 days' salary immediately and the remainder within 60 days, though employees express uncertainty due to a lack of written confirmation.

In May 2022, SoftBank-backed used car e-commerce platform Cars24 laid off 600 employees, representing a little under a fifteenth (approximately 6-7%) of its total workforce. The Gurugram-based company framed the move as part of regular performance-linked exits, but the layoffs, primarily affecting operations and marketing, are widely seen as a cost-cutting measure to conserve cash amid a difficult funding environment. This occurred despite Cars24 having raised $850 million in the preceding eight months, including a $400 million round in late 2021 that valued the company at $3.3 billion. The Indian used car industry is growing, but Cars24, like its competitors, remains unprofitable, contributing to a broader trend of layoffs across Indian startups during this period.

In May 2022, Indian ed-tech unicorn Vedantu laid off 424 employees, representing about 7% of its workforce. This followed a previous round of 200 layoffs earlier that month, bringing the total to 624 employees let go within weeks. The company, which had experienced rapid growth during the pandemic, cited a challenging external environment including the war in Europe, recession fears, and inflationary pressures, alongside a slowdown in demand for online learning as schools reopened offline. To ensure long-term sustainability, Vedantu aimed to extend its capital runway for 30 months, reduce customer acquisition costs, and refocus on core areas, leading to the restructuring and job cuts. This move was part of a broader trend affecting Indian startups, with nearly 2,500 employees laid off across various companies during that period.

In May 2022, Indian edtech unicorn Vedantu laid off 200 employees, representing about 3.5% of its total workforce of over 6,000. The cuts included 120 contractual staff and 80 full-time employees, predominantly assistant teachers from academic teams. The company cited a routine annual "load rebalancing" process at the start of the academic year, driven by efforts to reduce course costs and integrate more technology—like AI and voice synthesis—amid tapering demand for online education as offline centers reopened. This restructuring occurred within a broader trend of startups pruning costs due to tightened late-stage funding and investor pressure to prioritize profitability over cash burn. Vedantu noted it was simultaneously hiring over 1,000 employees in other areas, including more than 100 for similar academic roles.

Ecommerce unicorn Meesho, backed by SoftBank and valued at $4.9 billion, has laid off 150 full-time employees as part of a restructuring of its Meesho Superstore grocery delivery service. This move, occurring in early 2022, follows the company's massive $870 million fundraise in 2021, which included a $570 million round in September aimed at expanding the grocery business. The layoffs are attributed to scaling back after rapid pandemic-era growth and removing redundancies to boost efficiency, with the company emphasizing that its core marketplace business remains unaffected and continues to hire. Meesho, which serves millions of entrepreneurs and customers, reported significant revenue growth but also saw losses increase, prompting this adjustment to streamline operations.

Edtech startup Unacademy has laid off around 1,000 employees, including both permanent staff and contract educators, as part of a major cost-cutting initiative. This reduction, carried out over recent weeks, represents about 17% of its then 6,000-strong workforce. The layoffs, affecting roles in sales, business development, and content, stem from efforts to reduce cash burn amid a tightening funding environment and an economic slowdown. The Bengaluru-based company, valued at $3.4 billion, aims to achieve profitability by year-end while focusing on its core test-prep business and group firms.

Bengaluru-based furniture rental startup Furlenco has laid off approximately 180 employees as part of cost-cutting measures to achieve profitability ahead of a planned IPO. The layoffs, which occurred recently, primarily impacted customer-facing roles, with around 95% of those affected working in customer support and similar functions. The company, which operates under House of Kieraya, cited a strategic shift from telephone-based to app-based orders, leading to downsizing in certain areas. Despite raising significant funding last year, Furlenco is focusing on becoming a more tech-driven and automated business to reduce losses. The startup has also temporarily halted operations in Kolkata and some other cities as it restructures.

Social commerce startup Trell is reportedly planning to lay off approximately 300 employees in March 2022, which represents about 50% of its total workforce. This significant downsizing, primarily affecting content moderation and operations teams, comes amidst a contentious review by audit firm EY into alleged financial irregularities by the co-founders, including accusations of fund misappropriation. The layoffs are part of a broader company restructuring, driven by investor concerns over cash burn and governance issues, despite Trell having raised around $62 million and achieving a valuation near $130 million. The situation highlights internal conflicts between investors and co-founders within India's competitive startup landscape.

OkCredit, a Bengaluru-based fintech startup backed by investors like Tiger Global and Lightspeed, has laid off approximately 30-40 employees over the past month, primarily affecting backend, tech, and engineering teams. This reduction comes as the company shifts its focus toward strengthening fintech initiatives and growth channels, following the launch of its e-commerce enabler app, OkShop, in 2020. The layoffs are also attributed to significant financial challenges, with the company reporting expenses of INR 114.6 crore against a mere INR 3.79 lakh in sales revenue for FY21, where employee benefits constituted a substantial portion of costs. Operating in the competitive fintech industry, OkCredit provides digital bookkeeping solutions for small businesses and has raised $84.2 million to date.

Indian edtech startup Lido Learning has laid off between 150 and 200 employees, representing a significant portion of its workforce, following severe financial difficulties. The Mumbai-based company, which had raised $10 million just five months prior in September 2021, informed staff in early February that it could not pay salaries for January and the first week of February, attributing the crisis to a failed funding deal. Employees were reportedly dismissed without notice. The startup, operating in the competitive K-12 after-school tutoring sector, is now seeking a new funding round or potential acquisition while struggling to meet its payroll commitments to both full-time staff and contract teachers.

Protonn, a tech startup co-founded by former Flipkart executives, has completely shut down its operations and laid off all its employees. The Bengaluru and San Francisco-based company, which had raised $9 million in seed funding in July 2021, was unable to achieve a sustainable product-market fit for its platform designed to help independent professionals launch and manage their businesses online. Despite the challenges exacerbated by the COVID-19 pandemic, the founders could not agree on pivoting the business model, leading to the decision to cease operations and return the full capital to investors, including Matrix Partners and notable angels like Binny Bansal. The shutdown occurred around January 2022, just six months after securing funding.

Bengaluru-based startup Pagarbook, a Sequoia Capital-backed company providing payroll and workforce management software for SMEs, laid off approximately 80 employees in late June due to a cash crunch and product failures. The layoffs, conducted via video call, affected designers, content writers, and on-ground staff across various locations. Despite raising $15 million in a Series A round and enlisting celebrity endorsements, the company faced challenges with a new product that had significant glitches and insufficient market traction. This move contrasts with the broader trend of hiring sprees and record funding in India's startup ecosystem this year.

Ninjacart, a Walmart-backed agritech startup, has laid off over 200 employees across key cities like Bengaluru, Chennai, Mumbai, and Hyderabad. The layoffs, which began in November 2020, affected staff across ground operations, middle, and senior management. While the company attributes the terminations to performance and integrity issues, including theft and failure to meet KPIs, former employees allege the move is part of a cost-saving drive, citing unethical HR practices such as shortened notice periods. CEO Thirukumaran Nagarajan denies cost-cutting measures, stating the actions align with contractual terms for addressing performance and integrity concerns.

Indian mobility startup Bounce has conducted its second major round of layoffs, reducing its workforce to approximately 200 employees. This follows a previous reduction of 130 employees in June 2020. The latest cuts, occurring in February 2021, affected an estimated 200-odd employees across all levels, representing a significant reduction of 40-60% from its pre-layoff headcount. The company, which operates an on-demand two-wheeler rental service, cited persistently subdued demand in the shared mobility sector due to the prolonged impact of the COVID-19 pandemic as the primary reason. Bounce stated it is refocusing its strategy to concentrate on its electric vehicle (EV) two-wheeler business and will utilize its remaining capital of around $70 million to grow this segment. Affected employees were offered three months of severance pay.

WhiteHat Jr, an edtech company owned by BYJU'S, is undergoing a significant internal reshuffle affecting approximately 1,800 employees, who represent a substantial portion of its workforce. While CEO Karan Bajaj describes this as a transition to new roles aligned with the company's focus on growth verticals like math courses, employees report being offered positions at BYJU'S or severance packages, effectively feeling forced out. This restructuring, occurring in late 2020 and early 2021, aims to cut costs by reducing support for international markets such as the US, UK, and Australia-New Zealand. As a mid-sized player in the competitive edtech industry, WhiteHat Jr's move reflects broader shifts toward integrating with BYJU'S and refocusing on B2B solutions and global expansion, amidst employee concerns about job security and the nature of the transition.

OYO laid off 600 employees on 2020-12-08.

Zomato on 2020-10-20.

OLX India, the Prosus-owned online classifieds platform, has laid off approximately 250 employees from its sales and support teams. This reduction is part of a strategic shift to refocus on two core verticals: its omnichannel used car platform, Cash My Car, and its recruitment marketplace, Aasaanjobs. The decision, announced in early 2021, also involves shutting down its real estate and used goods segments in the country. The company stated the layoffs are not due to the pandemic but rather a global strategic realignment to compete more effectively, particularly against challenges like Facebook Marketplace. OLX had previously doubled its sales team to scale operations but is now streamlining to concentrate on areas where it can offer enhanced services. The affected employees are being provided with severance packages and outplacement support.

MakeMyTrip laid off 350 employees representing approximately 10% of its workforce on 2020-08-31.

Swiggy, a major Indian foodtech unicorn, laid off 350 employees in July 2020, marking its second round of job cuts that year after letting go of 1,100 staff in May. This restructuring was a response to the severe impact of the COVID-19 pandemic, which had reduced the industry's daily orders to about 50% of pre-crisis levels. The company described this as its final realignment exercise, aimed at cutting costs and reallocating resources to higher-potential areas like grocery delivery and its Swiggy Genie service, as food delivery constituted over 80% of its business. Affected employees were offered a severance package including three to eight months' salary. The layoffs reflect broader challenges in the startup sector during the pandemic, with slow recovery and ongoing lockdowns forcing many firms to reduce their workforce.

Curefit, a health and fitness startup, laid off approximately 150 employees, which represents around 10% of its total workforce. The layoffs occurred in early 2023 as part of a restructuring effort to streamline operations and achieve profitability amid challenging market conditions. The company operates in the health tech and fitness industry, offering services like gyms, mental wellness, and nutrition. This move reflects broader trends in the startup ecosystem where companies are focusing on sustainable growth and cost optimization.

Bizongo laid off 140 employees on 2020-07-10.

PaySense, an Indian fintech startup, laid off approximately 80 employees in early 2020, representing a significant portion of its workforce at the time. The layoffs were part of a restructuring effort following its acquisition by financial services giant PayU, aimed at integrating operations and streamlining teams. This move reflected broader consolidation trends within the competitive digital lending and payments industry, impacting a company that had scaled rapidly to become a notable player in India's startup ecosystem.

Bengaluru-based two-wheeler rental startup Bounce has laid off 130 employees, representing about 22% of its workforce, due to the severe impact of the Covid-19 pandemic on the mobility industry. Announced in mid-2020, this cost-cutting measure came as the company reassessed its business priorities, leading to the transformation or postponement of several new projects and product lines. To support affected staff, Bounce reinstated their pre-pandemic salaries, provided three months of severance pay, extended health insurance through December 2020, and offered pro-rata ESOP awards and outplacement assistance. The company, which operates a keyless scooter rental service across multiple Indian cities, faced significant revenue challenges that forced it to scale back expansion plans.

Hospitality company OYO is laying off a "large majority" of its furloughed U.S. employees, as it does not expect a full global recovery from the pandemic's impact until the second half of 2021. The decision, communicated via email in late April 2020, is part of broader cost-cutting measures due to the severe downturn in the travel industry caused by the coronavirus. Affected employees will receive stock options as part of their severance, though the long-term value of these options remains uncertain. As a major global lodging platform, OYO's move reflects the profound challenges faced by the hospitality sector during the crisis.

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.