Navi Technology founded by Sachin Bansal is doing mass layoffs which started on Tuesday (11 July)
They were going for debt raise?
Yes , they have raised the debt money successfully
Please stop referring to this as ‘Debt Raise’. Raise is not a term to be used to replace borrowing. It fools the best of people working for startups. They have ‘borrowed money’ and will pay an interest/coupon on this. This ‘raising debt’ has got pharmeasy and lots of others in all kinds of trouble.
Damn no wonder they are firing
I know some average freshers who joined at 21 base last year
Overpaying for average talent always results in firing in startups,is what I have observed
Wow. Rejected an offer in February because of personal reasons. Cried for two days after that.
Thanking all my stars now. 🙏🏻
Miq also mass firing started , my friend was fired just within 10 minutes, 5 years of loyalty gone in 5 minutes, MiQ used to be good earlier but last year they sold their equity to some VC , now VC are running behind them to increase profit hence lots of layoff and cost cutting to come
WTH? A HR from Navi reached out to me just last week regarding a PM opening
In Product if I am not wrong then around 60-70% are on either notice period(voluntarily resigned in the past few weeks) or have been fired(made to resign in the last 2 days)
Thats sad to hear. I wonder how can management be so clueless that only a week ago they are looking for candidates and then they suddenly start to fire people
Hearing another mass layoffs on the cards at a fintech startup that is into lending, insurance and mutual funds in Bengaluru, which had laid off about 20% in June last year !
Happened last week.
Navi does this half-yearly if not quarterly. Supposed to be performance based but systems and checks are not in place to assure the process is unbiased.
Myntra - not an organisation which does layoffs much.
Plea...
As per internal company sources: This is big like 500+, lots of folks cut in platform teams, brand teams, marketing teams, business teams, product and tech. Wish everyone there all the best. This shall too pass!
Hired lionel messi to promote brand and cuts employees to save costs. What a fucking high IQ C suite the compan...
