Sachin Bansal steps down as Navi CEO
14 Feb 2025, 11:19 PMThe company has appointed Rajiv Naresh as the CEO of Navi Technologies Limited and Abhishek Dwivedi as the CEO of Navi Finserv Limited.
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Navi founder Sachin Bansal has stepped down from the CEO role. He will transition to the role of Executive Chairman of the Navi Group while continuing to oversee the group's strategic direction.
The company has appointed Rajiv Naresh as the CEO of Navi Technologies Limited and Abhishek Dwivedi as the CEO of Navi Finserv Limited.
According to Navi, both Naresh and Dwivedi are part of the early founding team of the organization and have held various leadership roles within the Navi Group over the past six years.
The restructuring comes a months after the recent Reserve Bank of India ban on the company, stopping it from offering loans. The regulator had then said that Navi was charging usurious interest from consumers.
However, the ban was lifted within 40 days.
“This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth. 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.
According to the company, Bansal will focus on Navi’s long-term strategy, expansion, fundraising, mergers and acquisitions, and improving compliance and risk management. He will also support Navi’s tech growth through innovation in technology and data science while guiding Rajiv and Abhishek in managing their businesses.
Navi was founded in 2018 by Bansal and Ankit Agarwal.
Navi Finserv's FY24 revenue from operations fell to Rs 1,906 crore from Rs 2,041 crore in FY23; and the interest income saw a 12.3% decline year-on-year. The company's operating profit declined by more than 50%, driven by a fall in collections and an increase in loan write-offs -- which surged 3.2X to Rs 406 crore in FY24 up from Rs 125 crore in FY23.
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