Sachin Bansal-led financial services holding firm Navi Technologies has scooped up an extra Rs 204 crore from mid-market non-public fairness agency Gaja Capital, the corporate acknowledged in filings submitted to the Registrar of Companies.Bansal, co-founder and former chief government of India’s largest on-line retailer Flipkart, has additionally been named because the managing director of Navi Technologies, previously often known as BAC Acquisitions, for a interval of 5 years, as per the filings accessed by enterprise intelligence platform Tofler.
According to the paperwork filed by the Bengaluru-headquartered firm, Navi Technologies has allotted 1.45 crore fairness shares, at a value of Rs 140.5 apiece, to 3 entities—Gaja Capital Fund-II, GCFII-B and Gaja Capital India AIF Trust.
An e-mail despatched to Gopal Jain, managing companion of Mumbai-headquartered Gaja Capital, didn’t elicit any response on the time of going to press.
The newest non-public placement follows a fundraising of over Rs 3,000 crore by the corporate that was led by Bansal and different traders earlier this month. It is, nevertheless, but unclear if Gaja Capital’s funding in Navi Technologies is a part of the identical preferential allotment.Navi Technologies has emerged because the holding firm for Bansal, submit his departure from Flipkart in 2018, and thru which he has continued to put giant bets on India’s broader monetary companies phase, which incorporates microlending, basic insurance coverage and mutual funds, amongst others.
Its microfinance arm Chaitanya India Fin Credit had additionally utilized for a common banking license to the Reserve Bank of India earlier this yr.
Bansal’s investments throughout a spread of notable startups have additionally been rolled into the corporate. Additionally, in July final yr, he was reported to have subscribed to non-convertible debentures value Rs 200 crore issued by Piramal Enterprises.
The funding in Navi Technologies is the newest wager positioned by Gaja Capital, a monetary companies, schooling, healthcare and shopper-targeted funding agency.
The agency, which manages belongings of about $500 million throughout its three funds, has backed home monetary companies main Avendus Capital, MSME-targeted NBFC Kinara and way of life model Chumbak, amongst others. It has additionally scored multi-bagger returns from its portfolio firms RBL Bank and TeamLease which have gone public.