Since his acrimonious exit from Flipkart in 2018, Sachin Bansal has made some big moves to prepare a major banking play with Navi Technologies
While at Flipkart Bansal used acquisitions to grow the business, Navi’s acquisitions have been operations-centric to fulfil key regulatory requirements for banking
But even as it looks to revolutionise banking service with tech, can Navi also fight back competition from traditional heavyweights and earn the trust of consumers?
Walt Disney once said, “The way to get started is to quit talking and begin doing.”So can Bansal, who could not fulfil his idea of turning Flipkart into a $100 Bn company, do it with Navi?“Building a universal bank is a reflection of our commitment to provide financial services to those who need them most. Our vision is to go beyond what hitherto has been broadly defined as ‘financial inclusion’ and provide access to formal financial services using technology that people can use intuitively and easily.” — Sachin Bansal“We are in a peculiar stage where both the lead and the lag are under stress and therefore banking will go through a prolonged period of low business and stress,” Prof Sriram added.An executive who is heading one of the largest AMCs in the world told Inc42, “As the lockdown has forced every to operate from their homes via mobiles. There is a huge opportunity for tech platforms to redesign the existing products and services accordingly.”‘The idea appears to be to offer the entire gamut of neobanking services, In India, you can’t have it without a universal banking license,’ said Sriram.
That’s what Sachin Bansal did. Soon after his exit from Flipkart, the cofounder and former chairman, switched gears to motor along on the quest to turn his long-term ‘Big Billion’ vision into a reality. Even as the Flipkart dream ended for Sachin Bansal, he had his eyes set on the next big thing.