Flipkart co-founder Sachin Bansal’s financial services startup Navi Technologies has raised ₹204 crore in fresh equity capital from Mumbai-based private equity firm Gaja Capital and other ultra-rich individual investors, according to documents sourced from the Registrar of Companies (RoC).
As per the documents, Bengaluru-based Navi Technologies has made allotments of 1.45 crore equity shares, at a price of ₹140.5 per share. Three entities belonging to Gaja Capital, including Gaja Capital Fund-II, GCFII-B and Gaja Capital India AIF Trust have received the allotments.
Bansal is now also the managing director of Navi Technologies.
A spokesperson for Navi Technologies declined to comment. Gaja Capital didn’t respond to email queries.
This is the second fundraise disclosed by Navi Technologies in the last month following a ₹3,226-crore funding led by Bansal and other individual investors. According to documents sourced from the RoC, Navi’s board members approved the ₹3,226-crore funding from around 22 individuals on 19 March.
Bansal founded Navi Technologies after moving out of Flipkart in May 2018, following the homegrown e-commerce major’s takeover by global retailing giant Walmart. Bansal had earlier backed several tech startups across sectors in his personal capacity, while Navi has also been making strategic investments in several financial sector firms in the last few months.
In January, Navi’s microfinance arm, Chaitanya India Fin Credit Pvt. Ltd (CIFCPL), had formally approached the Reserve Bank of India (RBI) for a universal banking licence.
In September, last year, Navi Technologies bought a controlling stake in Bengaluru-based micro-lender Chaitanya Rural Intermediation Development Services (CRIDs) for ₹739 crore. Following the stake purchase, Bansal became the CEO of CRIDS. In January, Navi said that its microfinance arm Chaitanya India Fin Credit Pvt Ltd has applied to the Reserve Bank of India (RBI) for a universal banking licence.
Additionally, International Finance Corp (IFC) also proposed to invest up to $30 million in Navi for a 4.5% stake in January this year. Among the various recent investments in the financial services sector, Bansal recently acquired DHFL General Insurance from Wadhawan Global Capital for around ₹100 crore.
