Sachin Bansal chairs as Navi’ Technologie’s MD; raises Rs 204 Cr from Gaja Capital

The 38-year-old Sachin Bansal was recently roped in as Managing Director of Navi Technologies, who recently led an over Rs 3,000 crore round in the Bengaluru-based venture.

Bansal’s elevation as the MD of Navi has come just after a week of the megafund infusion in Navi Technologies (formerly known as BACQ Acquisition). According to regulatory filings, the company’s board passed a resolution to approve the appointment.

At the beginning of this month, Bansal had invested Rs 253 crore cash and securities worth Rs 2,675 in Navi which include his entire stake of 94% in Chaitanya Rural Intermediation Development Services (CRIDS). He also transferred his stake in financial instruments worth Rs 1,636.1 crore along with his ownership in Kissht, OfBusiness, Lendingkart and Wheels EMI.

A separate filing also reveals that Gaja Capital has invested Rs 204 crore for 1.45 crore shares in the 18-month-old venture with financial services veteran Ramesh Sundare investing Rs 6 crore as well. High-net-worth individuals including Sharad Sundarmony, Rao Family, Nitin Jagpratap and Sunil Edward among others have also invested Rs 2.55 crore altogether in the fresh round.

Successfully kick-starting the e-commerce revolution in India a decade ago, Bansal is now hoping to ride the fintech wave with a universal banking licence. His investments in NBFCs such as CRIDS, Altico Capital, U Gro Capital and IndoStar Capital as well as the acquisition of Essel Group’s mutual fund business were done with the goal to procure a banking licence.

Bansal has already invested over half of his wealth from Flipkart’s exit on Navi and now taking on the role of managing director clearly indicates that Bansal is taking a long shot at the burgeoning financial sector.