Flipkart Co-founder Sachin Bansal becomes Managing Director of Navi Technologies
Co-founder Sachin Bansal has been appointed as Managing Director of ,his second entrepreneurial venture in the space of financial services after he exited from the ecommerce marketplace.
According to filings with the Registrar of Companies (RoC), the board of Navi Technologies has passed the resolution to announce the appointment of Sachin Bansal as Managing Director.
Following his departure from Flipkart in 2018, Sachin Bansal co-founded Navi Technologies in December of that year, along with Ankit Agarwal. Navi Technologies was previously known as BACQ.
When going for a second venture, Sachin Bansal was very clear that he would be in the financial services space. Navi Technologies has also acquired majority stake in Chaitanya Rural Intermediation Development Services (CRIDS), a company which operates a micro-finance institution.
Sachin Bansal recently led a fund infusion of around Rs 3,000 crore into Navi Technologies which included Rs 253 crore in cash and securities worth Rs 2,675 crore.
The other filing made by Navi Technologies also reveals that Gaja Capital has invested Rs 204 crore which witnessed the transfer of 1.45 crore shares. There were also other high networth individuals who have invested in Navi Technologies.
Sachin has made deep bets in the financial services sector in India, which also includes investments into companies such as Altico Capital, U Gro Capital, IndoStar Capital, and the acquisition of mutual fund business of Essel Group.
In early part of this year, Sachin had resigned as an independent director form Ujjivan Small Finance Bank. Sachin had taken this decision in the interest of propriety and corporate governance as he has applied with the Reserve Bank of India (RBI) for a universal banking licence.
Besides the bets on financial services segment, Sachin has also made investments in various startups, either as equity or debt investment, such as, , , and Ather Energy.
Edited by Kanishk Singh