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Sachin Bansal to put his Flipkart money in Navi Technologies

Jan 21, 2020 by The Passage Team
Sachin Bansal to put his Flipkart money in Navi Technologies

Flipkart co-founder Sachin Bansal has said that he will deploy all the proceeds from the sale of his stake in the e-commerce player into his financial services venture Navi Technologies, which has applied for a universal banking licence with the Reserve Bank of India (RBI).

The financial services firm has sought the licence through a step-down subsidiary.

Bansal could likely invest USD 400-450 million in the new venture, according to estimates, which will likely make it one of the biggest equity infusions by a promoter into a new financial services venture.

“I am putting almost all of mine (money) — that is going to happen in the next few days or weeks, whatever is left after Ola investment. All eggs in one basket,” said Bansal in an interview to TOI, while not commenting on exact numbers. The total amount is likely to be invested in multiple tranches.

Source: Economic Times

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