Mass Layoffs at Navi Technology
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