Navi Announces 30% Tech Team Expansion in 2024

Navi, a leading digital financial services company, revealed plans to significantly bolster its tech workforce by 30% in 2024, according to a company statement issued on Wednesday. This expansion aims to propel the company towards achieving its strategic goals.

Currently, Navi employs around 300 individuals in its tech division, aiming to reach a headcount of 400 by year-end.

“As we embark on the next phase of our growth journey, scaling up our tech team by 30% is a critical step in attaining our milestones. This expansion fuels our ongoing mission to democratize financial services for one billion Indians and provide a seamless experience through the Navi app,” stated a Navi spokesperson.

Backed by the former Flipkart founder Sachin Bansal, Navi emphasizes that the expansion will empower the team to refine its existing offerings in lending, health insurance, UPI, and mutual funds, while also exploring new product lines.

“A group of engineers recruited through Navi’s campus program will join the company in June 2024, with additional hiring initiatives planned throughout the year via various channels,” the statement added.

Navi intends to leverage this tech team expansion to significantly enhance its technological infrastructure. The team will focus on cutting-edge technologies like generative AI, alternative AI/ML, and big data capabilities to improve credit assessment, increase underwriting volume, detect fraud, and elevate customer support, quality assurance, and sales processes.