FinanceIN

Navi Layoffs

June 2020

Navi announced a layoff affecting 40 employees (25% of its workforce) in June 2020. The company operates in the Finance sector.

People Affected

Percentage

25%

Announced Date

Jun 17, 2020

About

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.