Gaja Capital invests Rs 204 crore in Sachin Bansal's Navi Technologies
Sachin Bansal-led financial services holding company Navi Technologies has scooped up an additional Rs 204 crore from mid-market private equity firm Gaja Capital, the company stated in filings submitted to the Registrar of Companies.

Bansal, co-founder and former chief executive of India’s largest online retailer Flipkart, has also been named as the managing director of Navi Technologies, formerly known as BAC Acquisitions, for a period of five years, as per the filings accessed by business intelligence platform Tofler.

According to the documents filed by the Bengaluru-headquartered company, Navi Technologies has allotted 1.45 crore equity shares, at a price of Rs 140.5 apiece, to three entities—Gaja Capital Fund-II, GCFII-B and Gaja Capital India AIF Trust.

An email sent to Gopal Jain, managing partner of Mumbai-headquartered Gaja Capital, did not elicit any response at the time of going to press.

The latest private placement follows a fundraising of over Rs 3,000 crore by the company that was led by Bansal and other investors earlier this month. It is, however, yet unclear if Gaja Capital’s investment in Navi Technologies is part of the same preferential allotment.

Navi Technologies has emerged as the holding company for Bansal, post his departure from Flipkart in 2018, and through which he has continued to place large bets on India’s broader financial services segment, which includes microlending, general insurance and mutual funds, among others.

Its microfinance arm Chaitanya India Fin Credit had also applied for a universal banking license to the Reserve Bank of India earlier this year.

Bansal’s investments across a range of notable startups have also been rolled into the company. Additionally, in July last year, he was reported to have subscribed to non-convertible debentures worth Rs 200 crore issued by Piramal Enterprises.

The investment in Navi Technologies is the latest bet placed by Gaja Capital, a financial services, education, healthcare and consumer-focused investment firm.

The firm, which manages assets of about $500 million across its three funds, has backed domestic financial services major Avendus Capital, MSME-focused NBFC Kinara and lifestyle brand Chumbak, among others. It has also scored multi-bagger returns from its portfolio companies RBL Bank and TeamLease that have gone public.





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