IPO-bound Navi appoints Meesho CEO Vidit Aatrey to its board
By Team Startupcity | Thursday, 12 May 2022, 11:11 Hrs
Sachin Bansal-founded fintech Navi Technologies has appointed Vidit Aatrey, the cofounder and chief executive officer (CEO) of ecommerce startup, Meesho as an independent director on its board effective from the April 9.
The IPO- bound Navi had recently appointed three other independent directors - Abhijit Bose, WhatsApp India head; Shripad Shrikrishna Nadkarni, an FMCG industry veteran; Usha A. Narayanan, who had earlier worked with PwC and was also on the board of Bank of Baroda.
ET reported in March that Navi is planning to raise Rs 4,000 crore through an initial public offering (IPO) as per its regulatory filings with the country’s market regulator Sebi (Securities and exchange board of India).
Navi’s other board members 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 from independent directors.
Founded in 2018 by Flipkart cofounder Bansal, Navi offers a range of financial services like loan processing and disbursement products such as personal loans, home loans, retail health insurance, and mutual funds.
“I am pleased to welcome Bobby (Abhijit), Shripad, Usha, and, most recently, Vidit to our board. They each bring a unique perspective and I believe they will add significant strategic value to Navi as we continue to grow,” Bansal said.
Navi Technologies turned profitable in 2021, reporting a consolidated profit of Rs 71 crore as per the regulatory filings. The company also saw a spike in income, as revenues grew to nearly Rs 780 crore in FY21 from Rs 221 crore in FY20. The company had posted a loss of Rs 8 crore in the previous financial year.
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 licence from the Reserve Bank of India (RBI).
“These appointments as board members further reinforce our commitment to setting high standards in corporate governance,” Bansal said.