PC: Fortune India
In a major leadership overhaul, Sachin Bansal, co-founder of Flipkart and CEO of Navi Technologies and Navi Finserv, has announced stepping down to take on the position of Executive Chairman of the Navi Group. This strategic action follows Navi’s appointment of Rajiv Naresh as the new CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv. Both Dwivedi and Naresh are part of the founding team at Navi and have played several leadership roles within the organization for the last six years.
The restructuring is especially well-timed, coming in the wake of a recent relaxation of restrictions by the Reserve Bank of India (RBI) on Navi Finserv, enabling the company to restart lending. In October 2024, the RBI had instructed Navi Finserv and three other non-banking financial companies (NBFCs) to suspend loan approvals with regard to fears over adherence to guidelines. With these restrictions now eased, the change of leadership places Navi for renewed growth in lending in good stead.
In his new position, Bansal will oversee the long-term strategic direction of the Navi Group, encompassing areas such as growth, fundraising, mergers and acquisitions, and compliance and risk management improvement. “This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth,” Bansal said. He had faith in the abilities of Naresh and Dwivedi, whom he feels will continue the company’s upward momentum.
In the new leadership model, Abhishek Dwivedi will head the lending businesses of Navi, while Rajiv Naresh will look after the non-lending businesses. The demarcation of duties is likely to streamline operations and make the business more efficient as the company looks to leverage its growth opportunities.
Its recent financial reports have shown that the revenue from operations of Navi jumped to ₹1,906 crore in FY24 from ₹1,238 crore in FY23, recording good performance across its business verticals. Its net profit came in at ₹668 crore as well, predominantly due to a gain on account of the sale of one of its subsidiaries.
As the company prepares for this new chapter, the appointment of seasoned leaders like Naresh and Dwivedi signals Navi’s commitment to navigating the evolving financial landscape and addressing the challenges posed by regulatory requirements. With Sachin Bansal at the helm as Executive Chairman, the Navi Group is poised for strategic growth and innovation in the fintech space, reinforcing its position in the rapidly changing market.
