PaisaBazaar has reportedly let go of over 1500 employees
Navi General Insurance laid off 40 employees
PayU India has appointed Shantanu Preetam as Chief Technology Officer
We bring to you the latest edition of movers and shakers of the week in the Indian startup ecosystem.
SoftBank portfolio company PolicyBazaar’s lending unit, PaisaBazaar has reportedly let go of over 1500 employees to cut costs amid falling demand in the lending industry. The company has seen its demand fall by almost 90% and the employees are serving a month’s notice period. The reports added that nearly 100 employees along with some senior executives have been absorbed into PolicyBazaar.