Fintech firm Navi Technologies has hired Sachin Bansal as its new managing director, after the latter invested whopping INR 3000 crore in the company barely few weeks back. Navi’s management has approved Bansal’s appointment as the new MD, according to the media reports.
Earlier this month, Flipkart’s ex-CEO and one of India’s best-known startup entrepreneur pumped Rs 253 in cash and securities worth Rs 2,675 in Navi Technologies, which is based in the IT city of Bengaluru. These securities included his entire stake in Chaitanya Rural Intermediation Development Services (CRIDS). Along with this, he also transferred stakes in other portfolio Fintech companies like Kissht, Lendingkart and Wheels EMI with the help of financial securities amounting to Rs 1,636 crore.
A separate regulatory filing, accessed by the Entrackr, reveals that PE firm Gaja Capital has also invested INR 204 crore in the Bengaluru based Fintech firm. Clutch of independent HNIs also poured capital into the company, the filing further revealed.
Navi Technologies, by the way, is still work in progress. Its official website does not disclose much information apart from its quest to ‘make financial services simple, affordable and accessible. The company’s website also asks people to join them in this quest.
After raking billions of dollars following his stake sale in Flipkart, Bansal turned his passion towards startup investment in a bid to give to the industry that has given him all the fame and glory. While Fintech space remained his major focus, he also channelized his investment in other companies like Ola, Vogo, Bounce, and Ather Energy.
Bansal’s partner Binny Bansal also turned his focus on the startup investment following his highly controversial exit from Flipkart last year. Apart Bansals, many of Flipkart’s ex-senior executives are today heading successful startups. Along with revolutionizing the e-commerce space, industry experts have described Flipkart’s impact on the Indian startup industry as monumental.