Navi Technologies, a financial services holding company, announced it has secured an additional Rs 204 crore investment from mid-market private equity firm Gaja Capital, the company stated in filings submitted to the Registrar of Companies.
Bansal, co-founder and former chief executive of India’s largest online retailer Flipkart, has also been named as the managing director of Navi Technologies, formerly known as BAC Acquisitions, for a period of five years, as per the filings accessed by business intelligence platform Tofler.
The investment in Navi Technologies is the latest bet placed by Gaja Capital, a financial services, education, healthcare and consumer-focused investment firm.
The latest private placement follows a fundraising of over Rs 3,000 crore by the company that was led by Bansal and other investors earlier this month. It is, however, yet unclear if Gaja Capital’s investment in Navi Technologies is part of the same preferential allotment.
Bansal’s investments across a range of notable startups have also been rolled into the company. Additionally, in July last year, he was reported to have subscribed to non-convertible debentures worth Rs 200 crore issued by Piramal Enterprises.
In December, 2019, the company had acquired MavenHive, a Bengaluru-based technology consulting firm to fund its product development initiatives.
Navi Technologies (erstwhile known as BACQ) is founded by Sachin Bansal and Ankit Agarwal to build consumer-centric and technology-driven businesses in the BFSI (Banking, Financial Services & Insurance) space.
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