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BUSINESS
Bansal, 43, born in Chandigarh, studied at the city’s St. Anne's Convent School. He then completed a degree in civil engineering from the Indian Institute of Technology, Delhi, in 2005.
Sachin Bansal, most prominently known as the founder of Flipkart and also the co-founder of Navi Group, has announced his decision to step down as the chief executive officer (CEO) of Navi Technologies and Navi Finserv. He will now serve as the executive chairman of the Navi Group.
The Bengaluru-based financial services company has appointed Rajiv Naresh and Abhishek Dwivedi, currently working as vice presidents, as the new CEOs of Navi Technologies and Navi Finserv, respectively.
Early career
Bansal, 43, born in Chandigarh, studied at the city’s St. Anne's Convent School. He then completed a degree in civil engineering from the Indian Institute of Technology, Delhi, in 2005.
He began his career with Techspan, working there for a few months before joining Amazon Web Services as a senior software engineer. In 2007, Bansal quit that job to start his own company.
Flipkart
In October 2007, Bansal and co-founder Binny Bansal launched the e-commerce platform Flipkart with an initial capital of Rs 4 lakh. Operating out of an apartment in Bengaluru, the company was, in the beginning, involved in the online sale of books.
But the company kept diversifying its offerings, eventually expanding into electronics, fashion, and other major categories – becoming one of the biggest e-commerce platforms in India.
In 2018, Flipkat was acquired by the American multinational company Walmart for over Rs 1 lakh crore. Under the deal, Bansal sold his stake in Flipkart and exited the company.
Navi Group
After leaving Flipkart, Bansal co-founded Navi – a company operating in the sphere of digital loans, mutual funds, insurance, digital gold, and online payments – with his IIT-Delhi batchmate Ankit Agarwal. Navi has several subsidiaries including Navi Finserv, Navi General Insurance, and Navi AMC.
Future plans
As the executive chairman of Navi, Bansal is expected to steer the company's long-term strategic vision, explore expansion opportunities, and focus on fund-raising and acquisition efforts.
“Holding the position of executive chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group,” Bansal said in a statement.