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.
Co-Founder of Flipkart, Bansal is now also the managing director of Navi Technologies. Bansal has already invested over half of his wealth from Flipkart’s exit on Navi.
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.
The latest private placement follows a fundraising of over Rs 3,000 crore by the company, led by Bansal and other investors earlier this month. It is, however, unclear if Gaja Capital’s investment is part of the same preferential allotment.
The firm Navi Technologies is not yet disclosing much about its future expansion plans rather than explaining their services. They are highly focussed on making financial services more simple, affordable and feasible for customers. Their website also gives the space and invite people to join in for their initiative.
Gaja Capital, promoted by Gopal Jain, has bets in Chumbak, Avendus Capital and Carnation, among others. The investment in Navi is part of a larger round, mostly subscribed by promoter Bansal.
Bansal has completed his education from well know IIT Delhi. Kickstarted his professional career early. He was previously working with Amazon web services and then joined Flipkart. Gradually became the CEO at Flipkart, he worked there for a total span of more than 10 years.