Non-banking financial company (NBFC) Navi Technologies plans to scale its tech team by 30% by 2024 to enhance its lending, health insurance, UPI, and mutual funds services, and explore new product lines.
“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,” Navi said in a statement.
A batch of engineers hired through Navi’s campus recruitment programme will join the company in June 2024, with further hiring via multiple channels planned throughout the year, the company said.
A Navi spokesperson said it currently has between 1,000-3,000 employees.
“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,” a Navi spokesperson said.
In July last year, Navi had laid off 20% of its workforce, or about 250 employees.
Last month, Navi Finserv, a unit of the Navi Group, announced plans to raise Rs 600 crore through NCDs, with an additional Rs 300 crore green shoe option. The funds raised will be used for lending, financing, loan repayment, and business growth, Navi had said in a press statement.
Edited by Affirunisa Kankudti
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