Sachin Bansal to take over as executive chairman of Navi Group

Navi Group co-founder Sachin Bansal has stepped down from his role as CEO of Navi Technologies and Navi Finserv. 

In his stead, current vice presidents Rajiv Naresh and Abhishek Dwivedi will take over as CEO of Navi Technologies and Navi Finserv, respectively. Bansal will become the executive chairman of the Navi Group. 

“Holding the position of executive chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group,” the Flipkart founder said in a statement. 

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The Navi statement said that the restructuring is a part of an attempt to “enhance performance” rather than a response to "challenges." 

In October, Navi Finserv had been banned by the Reserve Bank of India from disbursing new loans citing concerns around but not limited to, their loan pricing practices. The ban was lifted 40 days later in December after the central bank was satisfied with changes made by the company. 

The new CEOs

Both the newly-appointed CEOs joined Navi within a few months of each other, in 2019. Naresh was director, legal and then eventually chief of staff to the CEO before becoming a VP. In his new role, Naresh will focus on all of Navi Group's non-lending business.

Dwivedi, on the other hand, held multiple roles across the Navi Group, including head of human resources, chief operating officer of Navi General Insurance and finally head of strategy and business operations. Going forward, he will head all of the Group's lending businesses. 

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“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,” Bansal said in a statement.

With the change in role, Bansal is now expected to focus on the company's “long-term strategic vision, exploring expansion opportunities, steering fund-raising and M&A efforts,” according to a Navi statement. 

The Navi Group is Bansal's latest venture after the entrepreneur exited Flipkart in 2018, following the company's acquisition by Walmart. Bansal sold his shares in Flipkart, netting himself $1 billion. 

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