Navi Technologies, a fintech-based startup, has announced a significant workforce reduction. The company, known for its digital lending platform, has laid off around 200 employees as part of the restructuring.
Navi Technologies has been actively working towards establishing itself as a key player in the Indian fintech industry. This Bengaluru-based startup was founded in 2018 by Sachin Bansal, and has focused on providing accessible and affordable fintech services to individuals and small businesses.
The layoffs primarily affected employees in product development and management teams.
Navi Technologies cited the need to align its workforce with its current business priorities and streamline operations in an ever-evolving market. The company expressed its commitment to providing support and assistance to the affected employees during this transition period.
This reduction in the workforce comes as a part of a strategic restructuring effort by Navi Technologies, and the startup aims to optimize its operations and position itself for future growth.