Indian Fintech firm Navi Technologies, a company that aims to make financial services simple, affordable and more accessible, has secured INR 2.04 billion (appr. $26.75 million) in equity funding from Gaja Capital, a Mumbai-based private equity company.
Navi aims to develop consumer-centric and technology-driven businesses in India’s evolving banking, financial services, and insurance industries (BFSI). The company was established by Sachin Bansal, the co-founder of Flipkart, an Indian e-commerce giant.
As noted in the firm’s Registrar of Companies (RoC) filings, several other angel investors took part in Navi’s latest funding round.
Bengaluru-headquartered Navi Technologies has allocated 1.45 crore (appr. $190,000) in equity shares, at a price of INR 140.5 (appr. $1.84) per share. The company’s shares have been allotted to Gaja Capital’s Fund-II, Gaja Capital India AIF Trust, and GCFII-B.
Sachin Bansal, an experienced e-commerce professional, has been focusing on expanding India’s booming Fintech industry.
Navi Technologies had acquired INR 32.2 billion ($422 million) in funding led by Bansal and several other investors in March 2020. He’s now serving as the firm’s managing director.
Bansal had reportedly invested INR 2.5 billion in cash and securities valued at INR 26 billion in Navi. This includes his 94% stake in Chaitanya Rural Intermediation Development Services (CRIDS).
Bansal has reportedly transferred his INR 16.3 billion stake in various financial instruments and his ownership in financial technology companies Kissht, OfBusiness, Lendingkart, KrazyBee, and Wheels EMI.
Bansal had left Flipkart after it was acquired by Walmart back in 2018. He has made around a billion dollars from his exit.
Flipkart competes for market share (in India) with Amazon.
Bansal has also made strategic investments in various Fintech firms including Bounce, Vogo, ride-sharing firm Ola, and electric bike maker, Ather Energy.
Bansal’s firm is also planning to acquire a universal banking license.
The billionaire Indian entrepreneur maintains investments in several non-banking financial companies such as CRIDS, Altico Capital, U Gro Capital, and IndoStar Capital.