Navi’s Shobhit Agarwal, Apurv Anand Quit To Launch Asset Management Venture

SUMMARY

The duo is yet to start the process to apply for a licence from the Securities and Exchange Board of India (SEBI) and register the company with the corporate affairs ministry

The registration process is expected to take two months and they are in discussions with investors to raise seed funding for the venture

While Agarwal quit Navi early this month, Anand left the company in August last year

Two former senior executives of fintech unicorn Navi, Shobhit Agarwal and Apurv Anand, have reportedly teamed together to launch a new venture in the asset management space after quitting the Sachin Bansal-led startup.

A Moneycontrol report, citing sources, said that the new venture will offer portfolio management services (PMS). However, the duo is yet to start the process to apply for a licence from the Securities and Exchange Board of India (SEBI) and register the company with the corporate affairs ministry.

The registration process is expected to take two months and the duo is in discussions with investors to raise seed funding for the venture.

Inc42 has reached out to Agarwal and Anand for comments on the development. The story will be updated on receiving their responses.

Before resigning, Agarwal was vice president (VP) of Navi’s lending and borrowing business. He served the company for almost seven years after joining it in 2018 as VP of head of treasury.

Anand, also a VP at Navi, was with the unicorn for more than three years, as per his LinkedIn profile.

While Agarwal quit early this month, Anand left the company in August last year.

An IIT Delhi alumnus, Anand started his professional journey as a software engineer and was earlier associated with companies like Yahoo, American Express and Veveo. His first entrepreneurial attempt was a robotics and artificial intelligence (AI) platform SigTuple, which was founded in 2015. He then forayed into healthcare in 2017 with Mirable Health, a subsidiary of SigTuple.

Agarwal is a chartered accountant (CA) and an alumnus of University of Delhi. He started his career as a senior analyst at Deutsche Bank where he served for more than four years. After that, he joined Standard Chartered Bank in 2012 and left the bank in 2018.

The development comes at a time when Navi has restarted discussions for its initial public offering (IPO). The IPO may be launched in the second half of FY26.

Founded in 2018 by Bansal and Ankit Agarwal, Navi is a financial services company. It primarily provides personal, vehicle, and home loans. Over the years, it has expanded its services and now also offers UPI, insurance, and mutual fund investment.

Last month, Bansal stepped down from the role of CEO of Navi Technologies and Navi Finserv. However, he continues to be the executive chairman of the Navi Group. The group appointed Rajiv Naresh as the CEO of Navi Technologies and Abhishek Dwivedi as the CEO of Navi Finserv.