Two senior executives of Sachin Bansal-led Navi, Shobhit Agarwal and Apurv Anand, have reportedly quit the non-banking financial company (NBFC) to launch a new venture in the asset management space.

As reported by Moneycontrol, both Agarwal and Anand were vice presidents at Navi. While Agarwal has experience in banking, Anand brings the technical expertise as a co-founder. Agarwal quit early this month while Anand resigned last August.

Agarwal has been with Navi for over six years and was the head of lending and borrowing for the last three years. Before this, he headed the fintech's treasury operations. He has previously worked at Standard Chartered Bank and Deutsche Bank.

Anand was the CTO of Navi for three years and a co-founder of healthcare data analytics firm SigTuple. Before that, he worked as a data analyst with card network company American Express.

Agarwal and Anand are expected to start the regulatory process of applying for a license and registering the company soon. They are planning to start the venture with a market regulator Sebi's Portfolio Management Services (PMS) license, which means that the startup is focused on attracting high-net-worth individuals and financial institutions, the news platform reported.

They are also in talks with several investors and are expected to raise a seed round over the next couple of months.