Financial services startup Navi has joined the layoffs spree, firing 150-200 employees across tech, product, and analytics. The layoffs come as the company faces increasing competition from rivals like PolicyBazaar and Paisabazaar.
Navi was founded in 2016 by Sachin Bansal, the Former Co-founder of Flipkart. The company offers a variety of financial products, including loans, insurance, and investment products. Navi had raised over $1 billion in funding from investors such as Sequoia Capital, Tiger Global, and SoftBank Vision Fund.
The layoffs at Navi are the latest sign of the tough times facing the Indian startup ecosystem. In recent months, a number of startups have announced layoffs, including Ola, Unacademy, and Meesho. The layoffs are being driven by a number of factors, including the economic slowdown, rising inflation, and the war in Ukraine.
In a statement, Navi states that the layoffs were “a difficult but necessary decision” to ensure the long-term health of the company. The company added that it would be providing severance packages to the affected employees.
The layoffs at Navi are a setback for the company, which had been growing rapidly in recent years. However, the company still has a strong brand and a large customer base. Navi will need to find ways to cut costs and improve its efficiency in order to survive the current economic downturn.