News Update
Navi Technologies Plans 30% Tech Team Expansion for Service Enhancement
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ByStartupStory | March 6, 2024
Navi Technologies, a non-banking financial company (NBFC), aims to expand its tech team by 30% by 2024 to bolster its lending, health insurance, UPI, and mutual funds services while exploring new product lines.
According to a statement by Navi, “The team will focus on advanced technologies like Generative AI, alternative AI/ML, and Big Data capabilities to improve credit underwriting, increase underwriting volumes, detect fraud, and enhance customer support, quality assurance, and sales processes.”
The company plans to onboard a batch of engineers through its campus recruitment program in June 2024, with additional hiring through various channels throughout the year. Currently employing between 1,000-3,000 individuals, Navi sees scaling its tech team as a strategic move essential for achieving its growth milestones.
A spokesperson for Navi highlighted the significance of this expansion, stating, “As we prepare for the next stage of our growth, scaling our tech team by 30% becomes one of the strategic and a pivotal step in achieving our milestones.” In July of the previous year, Navi underwent workforce reductions, laying off approximately 20% of its employees, equivalent to about 250 individuals. Last month, Navi Finserv, a unit of the Navi Group, disclosed plans to raise Rs 600 crore through NCDs, with an additional Rs 300 crore green shoe option.
The raised funds are earmarked for lending, financing, loan repayment, and overall business expansion, as outlined in Navi’s press statement.
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