Sachin Bansal hands over CEO role; transitions to Executive Chairman
Bansal will transition to the role of Executive Chairman of the parent group, ceding operational leadership of the units to newly appointed CEOs Rajiv Naresh and Abhishek Dwivedi.
Sachin Bansal, co-founder of fintech company Navi Group, will step down as CEO of its subsidiaries Navi Technologies Limited (NTL) and Navi Finserv Limited (NFL), the company announced Friday.
Bansal will transition to the role of Executive Chairman of the parent group, ceding operational leadership of the units to newly appointed CEOs Rajiv Naresh and Abhishek Dwivedi.
Naresh, who was a Vice President at Navi, will lead NTL, overseeing non-lending businesses such as payments and asset management, while Dwivedi, also a longtime executive, will helm NFL’s lending operations.
"This restructuring is a strategic milestone that enables us to sharpen our focus on longterm growth. Both Rajiv and Abhishek have played key roles in our growth and I am confident that we will continue on this upward trajectory as they assume their new roles," said Bansal.
“Holding the position of Executive Chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group, while Rajiv and Abhishek will lead their respective businesses with a continued commitment to innovation and excellence," he added.
Bansal, who co-founded Flipkart before launching Navi in 2019, will now steer the group’s long-term vision, including fundraising, mergers and acquisitions, and technology innovation.
Navi Finserv Limited has raised over Rs 1,200 crore ($144 million) since December 2024, after receiving regulatory approval to resume lending. Notably, Navi Finserv executed one of its largest securitisation transactions to date, raising Rs 295 crore in a transaction rated AAA by an undisclosed credit rating agency.
The RBI barred Navi Finserv from lending until December 2024 over regulatory concerns, including pricing policies. Restrictions were imposed on October 21, along with actions against other NBFCs and MFIs. After committing to compliance improvements, Navi regained approval to lend on December 2.
NFL had reported robust financial growth in its standalone results for the fiscal year ended March 31, 2024 (FY24). Navi Finserv’s standalone revenue from operations saw a 48.57% increase, reaching Rs 1,906 crore in FY24, compared with Rs 1,283 crore earned in FY23.
However, on a consolidated basis, the revenue dropped 6.5% from Rs 2,040.6 crore earned in the previous fiscal year.
Edited by Affirunisa Kankudti