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
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...
All teams are affected. Emails are being sent out by HRs for 1:1. Around 400 people are affected throughout tech department and R&D department.
Heard from people I know at Bain that they are laying off. This is mostly the first time an MBB is doing layoffs (earlier they would silently fire, or delay onboarding)
A friend got impacted. Seems like this could be 10-15% of their...
When I think I should leave my job and start searching, Grapevine pops one of these scary items 😭
Today mass layoff was done from Third Unicorn Devs, IT team, devops all were impacted
Layoffs in such early phase startup came as a shock
Could be due to new GST rules
What do you guys think?
Let me look for F to give
