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
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.
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 ?
My brother is going to join navi in office from August 1st should he be worried?
For which position, campus placement?
Sde1 and yes campus placement
COO has glorious record of layoffs during his past ventures
They will fire freshers after bootcamp
Source?
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...
I was talking to one of the Navi recruiters and she became uninterested once I told her I was recently impacted by the layoff and can join within a few weeks. I mean it's funny how they don't want to interview immediate joiners who are i...
Had a similar experience with udaan in 2022. Later the recruiter itself got laid off 💀
I don’t know if we have any quantifications- Recruiters in India take open to work as red flag 😂 In fact, deepi...
Can we please share the companies which are laying off and kind of roles laid off?
