Navi Finserv Ropes In Former RBI Executive Anil Kumar Misra To Board

Flipkart cofounder Sachin Bansal-helmed fintech startup Navi Finserv has appointed former Reserve Bank of India (RBI) official Anil Kumar Misra as the non-executive chairman of the company’s board.

In a statement, the company said that his appointment came into effect immediately on August 23. The fintech startup added that Misra will assume the role of non-executive chairman while Sachin Bansal will continue as the CEO.

Navi further said that the appointment will enable the company to leverage Misra’s expertise “further elevate” its focus on governance and long-term sustained growth. 

“His (Misra) deep expertise in financial services will help us as we navigate the challenges and opportunities ahead. Misra’s appointment will further elevate our focus on governance and long-term sustained growth and I look forward to collaborating closely with him to build on the strong foundation we have established.” said Navi Finserv cofounder, executive director and CEO Sachin Bansal.

Commenting on his appointment, Misra added, “It is my privilege and pleasure to be joining the board of directors of Navi Finserv, which has come a long way since its inception… I look forward to working with my Board colleagues and the management team towards realising its fullest potential in a well-calibrated and prudent manner while optimally leveraging technology for effective redress of the credit gaps”.

WIth decades of experience in the financial services space under belt, Misra retired as an executive director with the RBI in 2018. At the central bank, he oversaw the supervision of banking and non-banking financial institutions.

He previously also served on the boards of various banks including the Punjab National Bank, Jammu & Kashmir Bank, and Union Bank of India.

Navi Finserv is a non-banking financial company (NBFC) that offers a range of lending products such as personal loans and home loans. It is the fully-owned subsidiary of IPO-bound fintech major Navi Technologies, which was cofounded by Bansal along with Ankit Agarwal.

The development comes weeks after Navi Finserv marked the final close of a $38 Mn personal loans securitisation deal with financial and investment banking firm JP Morgan. Just last month, the fintech unicorn also reportedly raised INR 150 Cr via bond issuance from a clutch of investors, including Dadachanji Group chairman Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji. 

Navi Finserv converted into a public entity in March 2022. In the same month, Navi’s parent company, Navi Technologies, filed its DRHP to raise INR 4,020 Cr through an initial public offering. As per its draft red herring prospectus, the company planned to raise INR 3,350 Cr via a fresh issue of equity.

However, the company later scrapped its IPO plans despite getting SEBI’s nod as market volatility pummeled the Indian startup ecosystem. 

Navi Finserv clocked a net profit of INR 172 Cr in the financial year 2022-23 (FY23) compared to a loss of INR 67 Cr in FY22. Meanwhile, operating revenue jumped 2.8X year-on-year (YoY) to INR 1,283 Cr in the fiscal ended March 2023.