After exiting ecommerce major Flipkart, Sachin Bansal seems to be putting everything on the line for the success of Navi Technologies. In the recent round, one of India’s most admired entrepreneurs has now invested INR 253 Cr in his new fintech venture’s INR 3007 Cr funding round.
Bansal has also invested INR 2,675.08 Cr by routing financial securities of Chaitanya Rural Intermediation Development Services (CRIDS) and his other investments. Besides Bansal, Navi cofounder Ankit Agarwal also invested INR 40 Cr in Navi Technologies, according to the ministry of commerce affairs (MCA) filings accessed by Inc42.
As part of the transaction, Bansal and Agarwal received 1.8 Cr and 28.4 Lakh shares respectively at a nominal amount of INR 100 per share with a premium of INR 40.5. The development was first reported by Entrackr.
Besides these two cofounders, eight other high-net-worth individuals (HNI) participated in the round.
- Former deputy MD of HDFC Bank Paresh Sukthankar invested INR 10 Cr and got 7.1 Lakh shares
- PwC’s US Advisory principal Anand Rao invested INR 3.9 Cr for 280K shares
- Standard Chartered’s MS Gopalakrishnan invested INR 62 Lakh and got 44K shares
- Former corporate banking head at JP Morgan Narayanan Venkitaman invested INR 87 Lakh and bagged 61686 shares
- Doxper data head Shweta Mani invested INR 46.5 Lakhs for 33155 shares
- Chaitanya India Micro Finance CEO Samit Shankar Shetty has put in INR 23.2 Cr and got 16.5 lakh
- Subramanian Mambakkam Suryanarayanan invested INR 468K for 3465 shares
- Smitha Rao put in INR 9.3 Lakh for 6631 shares
All Eggs In Navi Basket
After leaving Flipkart, Bansal has been quite focussed on Navi. In an interview, Bansal had said that he is putting all of the money left after Ola investment in Navi. “All eggs in one basket,” he added.
Without revealing the exact numbers, he said that it could be around $400 Mn and $450 Mn. Bansal, along with Agarwal, founded Navi Technologies in December 2018, which was earlier called BAC Acquisitions.
Recently, the International Finance Corporation (IFC) has also floated its interest to invest $30 Mn for a 4.5% stake in Navi Technologies. According to an IFC disclosure notice, the transaction values the Flipkart cofounder’s new venture at around $650 Mn (INR 2100 Cr). However, with the latest funding round, the valuation of the company must have spiked from the previous estimates.
Besides Navi and Ola, Bansal has also invested bike rental startups Vogo and Bounce, fintech startups KrazyBee and U Gro Capital, and non-banking financial corporations (NBFCs) Altico Capital and IndoStar Capital, among others.