Mass Layoffs at Navi Technology
Navi Technology founded by Sachin Bansal is doing mass layoffs which started on Tuesday (11 July)
FrankToast55
Stealth
a year ago
Yes , they have raised the debt money successfully
Scrooge_McDuck
Stealth
a year ago
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.
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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
I know someone straight out of college was getting 35( 26 fixed + 9esop)
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Barbaadeshwar
Stealth
a year ago
Aur details. What depts. Severance mila?
FrankToast55
Stealth
a year ago
All teams in tech , product and analytics, severance ke naam pe jitna bhi notice period banta hai uske accordingly
Barbaadeshwar
Stealth
a year ago
Feck.
QuickGunMurugan
Stealth
a year ago
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
FrankToast55
Stealth
a year ago
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
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cooldev
Stealth
a year ago
It's excellent for the ecosystem they are firing. If you pay 35lpa to a fresher what do you pay a 10 year exp dev? Do you have the revenue to pay that kind of salaries while protecting margins?
U join in crazy salary, u get crazy outcome. On a different note i m aware folks in goto financial working in India are facing severe layoffs as well. Same story. One year exp at 35lpa
I don't think Goto pays 35LPA for a fresher. Average is 15 and highest goes up to 25 for top universities.
hellloworld
Stealth
a year ago
Fintech
Ed tech
Fantasy game tech
10 min bullshit tech
Kirana tech
Health tech
Kuch aur bacha hai jo barbaad nahi ho rha hai .. except retail ?
criticalresourceF99
Stealth
a year ago
Need one adult video streaming site to disrupt the industry. You don't need to pay them salaries at all
Sapthinker
Stealth
a year ago
Service based companies
CleverSkin21
Stealth
a year ago
Source?
CleverSkin21
Stealth
a year ago
My brother is going to join navi in office from August 1st should he be worried?
FrankToast55
Stealth
a year ago
For which position, campus placement?
CleverSkin21
Stealth
a year ago
Sde1 and yes campus placement
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Greatusername
Stealth
a year ago
Firing before IPO😅
Johnmarston
Stealth
a year ago
My local Biryani guy takes loans from Navi and never paya back in time. So he takes udhaari from me. Now his shop is closed and he owes me money.
Paaji
Stealth
a year ago
Why the Debt raise then ? Are they increasing the loan disbursements ?
FancyChino64
Stealth
a year ago
ya, for that
Mitsubishi
Student
a year ago
This was ought to happen. Some days ago on the navi app, they were paying you 100 rupees flat, if through your referral link somebody joined and invested 1 rupee in digital gold. Just CRAZY!!! I personally know some of my friends who have earned 1700-1900 each, just by refering others. Crazy burning of venture money
Scuttlebutt1
Stealth
a year ago
Sachin Bansal's money.... he has 97+% share with him
FancyChino64
Stealth
a year ago
CEO might have found out about this ridiculous burn and may have chosen to fire
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They probably wanted to get best talent by paying at par or above as that of Amazon, Uber but ya they probably don’t have that big bank yet
Hey, I'm a fresher who's gonna join in-person from 1st August. If they fire after bootcamp, will they pay severance?
satoshi_nakamoto
Stealth
a year ago
Damn!! They reached out to me last week for Senior Software Engineer role, and ghosted after 1 round
