In what seems to be a major rejig at fintech firm Navi, Sachin Bansal has resigned as the CEO of the firm to assume the role of executive chairman of the Navi Group.
According to a statement issued by the firm, Rajiv Naresh will take over as the CEO of Navi Technologies Limited (NTL), while Abhishek Dwivedi will assume charge as CEO of Navi Finserv Limited (NFL).
Both Naresh and Dwivedi were part of Navi’s founding team.
“This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth,” said Bansal, who founded Flipkart in 2007. “Both Rajiv and Abhishek have played key roles in our growth, and I am confident that we will continue on this upward trajectory as they assume their new roles,” he added in a statement.
The restructuring exercise comes at a time when the fintech major has been facing regulatory challenges.
Last October, the Reserve Bank of India (RBI) banned Navi Finserv from issuing loans, before letting it restart issuing credit products to its customers. The ban was reportedly issued due to concerns about the company’s pricing policy, besides other regulatory violations.
According to Navi, the top management rejig will help it sharpen the group’s focus on long-term growth and operational scalability.
“Holding the position of Executive Chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group, while Rajiv and Abhishek will lead their respective businesses,” Bansal added in the statement.
Bansal will work on Navi’s long-term strategies, expansion opportunities, fundraising, and M&A efforts, besides overseeing the tech and data science initiatives.
Established in 2018, Navi is a financial services company that offers personal, vehicle, and home loans. It also offers UPI, insurance, and mutual fund investments.
