Gaja Capital invests in the Bansal firm; value at Rs 4.3k cr

Bangalore: Private equity firm Gaja Capital and other high-net-worth individual investors have infused more than Rs 204 million into Sachin Bansal's banking company, Navi Technologies, Tofler regulatory documents showed, valuing the startup closely. Rs 4,300 million.

Gaja Capital, the first institutional investor in Ratnakar Bank in 2010, is acquiring approximately 4.8% stake in the company. The World Bank arm IFC has also proposed an investment of Rs 210 crore in Navi Technologies.

The investment comes just after Bansal led an infusion of Rs 3 billion at the start. Documents from the corporate affairs ministry show that the Flipkart co-founder is now the company's managing director.

In addition to Gaja, other investors include senior bankers, executives in the financial services and technology sector such as former HDFC Bank director DMD Paresh Sukthankar and PayU India CEO Anirban Mukherjee.

In early January, TOI had reported that Bansal would allocate most of his fortune, from the sale of his Flipkart stake to Walmart, to his new bakery company.

Bansal's investment in Navi earlier this month included Rs 253 million in cash, Rs 1,636 million in debt documents of various companies and the transfer of its stake in the microfinance firm Chaitanya Rural Intermediation Development Services (CRIDS), whose affiliate Chaitanya India Fin Credit has applied for a banking license.

To strengthen his banking application prospects, Bansal has elected former RBI director and ICICI Bank chief executive Nachiket Mor as a board member. Meanwhile, Bansal acquired DHFL Insurance and Essel Mutual Fund for a broader game in insurance and asset management.