New Delhi, Jul 12 (PTI) 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 back, and more employees are likely to be fired from the company.

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"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.

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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 Rs 3,350 crore through the proposed IPO and has received market regulator Sebi's approval for the same.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)