Sachin Banals' IPO-bound Navi Technologies has laid off around 200 employees across departments, citing multiple industry sources news agency PTI has reported. A source told PTI that the lay-off started a couple of weeks back, and more employees are likely to be fired from the company. "Around 200 employees have been fired across all departments. 60-70 per cent have been impacted in the product development and management section," one of the sources said.
Another source said that more lay-offs are expected this week. Navi Technologies did not respond to the queries.
In addition to the layoffs, several individuals within the company have resigned over the past few months, including mid-to-senior level employees and leaders. These resignations have been attributed to challenges with the management, according to one of the sources quoted above.
According to Navi technologies' draft IPO paper, the company had 4,680 employees as of December 31, 2021. The company has plans to raise Rs 3,350 crore through the proposed IPO and has received market regulator Sebi's approval for the same.
Meanwhile, Founder and CEO of e-commerce start-up Dukaan, Suumit Shah on Monday said that his company has laid off 90 per cent of its staff, replacing them with an artificial intelligence (AI) chatbot. In a tweet thread, Shah explained the rationale behind the decision, saying that the company is going to focus on profitability as the customer support costs have been reduced by 85 per cent, and resolution time went down from over two hours to three minutes after the AI chatbot came in.
Whereas, US tech giant Microsoft is planning additional layoffs on top of the 10,000 job cuts announced in January, as per a report by GeekWire. The affected employees will primarily be from customer service, support, and sales departments. These layoffs coincide with the beginning of Microsoft's 2024 fiscal year and just before the annual Inspire partner-focused conference.