Ships: IPO-linked Navi appoints Meesho CEO Vidit Aatrey to its board of directors

Bangalore: Fintech founded by Sachin Bansal GPS Technologies appointed I saw Aatreyco-founder and chief executive officer (CEO) of the e-commerce startup, mesho as an independent director on his board with effect from 9 April.

Navi linked to the IPO had recently appointed three other independent directors: Abhijit Bose, head of WhatsApp India; Shripad Shrikrishna Nadkarni, an FMCG industry veteran; Usha A. Narayanan, who previously worked with PwC and was also a board member of Bank of Baroda.

ET reported this in March
Navi plans to raise Rs 4,000 crore through initial public offering (IPO) according to its regulatory documents at the country’s market regulator Sebi (Securities and Exchange Board of India).

Other members of Navi’s council include Bansal, Agarwal and the former deputy governor of the Reserve Bank of India, Anand Sinha. With Aatrey’s appointment, Navi’s board, which now comprises seven members, will have majority representation of independent directors.

Founded in 2018 by Flipkart co-founder Bansal, Navi offers a range of financial services such as loan processing and lending products such as personal loans, home loans, retail health insurance and mutual funds.

“I am delighted to welcome Bobby (Abhijit), Shripad, Usha and most recently Vidit to our board. Each of them brings a unique perspective and I believe they will add significant strategic value to Navi as we continue to grow, ”said Bansal.

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Navi Technologies became profitable in 2021, posting a consolidated profit of Rs 71 crore according to regulatory documents. The company also experienced increased revenue, as revenue grew to nearly Rs 780 crore in fiscal 21 from Rs 221 crore in fiscal 2020. The company had recorded a loss of Rs 8 crore in fiscal year. previous.

To enter the microfinance segment, Navi Technologies acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied for a universal banking license from the Reserve Bank of India (RBI).

“These board member appointments further strengthen our commitment to setting high standards in corporate governance,” said Bansal.

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