Flipkart Co-founder Sachin Bansal has been appointed as the Managing Director of his second Bengaluru-based Fintech venture-- Navi Technologies. According to reports, Bansal has started his job as the MD immediately after the announcement.
Previously known as BACQ, Navi Technologies was co-founded by Sachin Bansal after his exit from the e-commerce giant Flipkart in 2018. He co-founded the company with Ankit Agarwal. The Bangalore-based Navi had earlier acquired a majority stake in Chaitanya Rural Intermediation Development Services (CRIDS) that is into the micro-finance space.
Further, according to reports, several high net-worth individuals and venture funds have invested in Navi Technologies. Recently, Gaja Capital had invested Rs 204 crore.
Sachin Bansal was at Flipkart for a span of over 10 years till 2018, after founding it with his IIT Delhi batchmate Binny Bansal (not related). Before that he was working with Amazon. Earlier this year, he had also resigned as an independent director form Ujjivan Small Finance Bank.
Both before and after his exit from Flipkart when Walmart acquired it and made the founding Bansals billionaires, Sachin has made several investments into companies and start-ups such as Altico Capital, U Gro Capital, IndoStar Capital, Vogo, Bounce, KrazyBee, Ola, and so on.