IPO-bound Navi Technologies has laid off around 200 employees across departments, according to multiple industry sources.
A source said that the lay-off started a couple of weeks ago, 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.
According to Navi technologies' draft IPO paper, the company had 4,680 employees as of December 31, 2021.
The company has plans to raise ₹3,350 crore through the proposed IPO and has received market regulator SEBI's approval for the same.