Sachin Bansal is hiring! Navi Technologies eyes 10-fold increase in recruitment in 2021

Sachin Bansal’s (in picture) Navi Technologies is eyeing a ten-fold increase in hiring in 2021

Sachin Bansal’s Navi Technologies is eyeing a ten-fold increase in hiring in 2021. A debutant at the recently concluded placements at various Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs), the financial services firm is now looking to hire laterally for its various businesses.

In response to queries from Moneycontrol, a spokesperson from Navi said that the financial services venture has made offers in six IITs and four IIMs. Last year, the company had hired about 45-50 engineers and this year it plans to hire 400 engineers (lateral hires).

A few months after his exit from Flipkart, which he had co-founded, Bansal turned his attention from e-commerce to the financial services space. Navi is part of financial services via the technology space, commonly called fintech. Bansal co-founded Navi Technologies (erstwhile BACQ) in December 2018 with Ankit Agarwal, with the vision to build consumer-centric and technology-driven businesses in the BFSI (Banking, Financial Services & Insurance) space.

India’s online financial services market is estimated to be Rs 15,000 crore with annual growth of 30 percent and is among the fastest growing segments in the economy. While traditional recruitment has been stagnant amidst the Coronavirus outbreak, entrepreneurial ventures such as Navi have continued to hire.

For Navi, the time is opportune to hire as segments such as insurance (health) and digital lending have seen close to 15 percent annual growth over the last two years.

Where is Navi hiring and how many?

All the positions the company is recruiting are based in Bengaluru. But the spokesperson said that the company has an employee-centric approach and will be offering work-from-home policies and unlimited leave.

“We have made 50 plus offers in IITs and IIMs put together and will be hiring 400 engineers laterally in 2021,” said the spokesperson.

Lateral hiring refers to the process of hiring experienced persons from other companies in the same sector or allied sectors. This is different from fresher hiring, where a company recruits students from educational institutes during campus placements.

Moneycontrol had reported on how in the 2021 MBA placements, Navi recruited for the first time from campuses such as IIM Ahmedabad and IIM Calcutta.

In terms of the job, the roles for which the company has hired include software developer, product managers, finance and strategy from IITs and product manager, business operations, marketing, finance and strategy from IIMs.

The hires will be for all three businesses: lending, general insurance and AMC. Bansal’s companies, Chaitanya India Fin Credit Private Limited, a non-banking finance company (NBFC), which he acquired in September 2019, and Navi Technologies, had moved to acquire Essel Mutual Fund in 2019.

In January 2020, Navi Technologies announced the acquisition of DHFL General Insurance, now renamed Navi General Insurance.

Currently, Navi has around 200 employees, including technology and non-technology personnel.

Over the last two years, Navi has seen a jump in revenue across its businesses. A report said that for FY20, the company reported a total consolidated income of Rs 221.89 crore against Rs 1.27 crore in FY19.

Bansal also led an additional round of funding into Navi in 2020. A report said that Sachin Bansal had in early 2020 led a funding round of Rs 3,007 crore in Navi with participation by others.