Navi Technologies, the fintech startup founded by Flipkart co-founder Sachin Bansal, has announced a major leadership restructuring. Bansal, who has served as the CEO of Navi Technologies Limited (NTL), has stepped down from the position and appointed Rajiv Naresh as the new CEO of NTL. At the same time, Abhishek Dwivedi has been named the CEO of Navi Finserv Limited (NFL), the financial services arm of the Navi Group. Despite stepping down from the CEO role, Bansal will continue his involvement with the company as the Executive Chairman of Navi Group.
Both Naresh and Dwivedi have been with Navi since its early days and are considered key members of the company’s founding team. Over the past six years, both executives have held leadership roles and have played a pivotal part in Navi’s growth and development.
In an official statement, Bansal shared his confidence in the new leadership, emphasizing that the restructuring was a strategic move aimed at sharpening the company’s long-term growth strategy. “This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth. Both Rajiv and Abhishek have played key roles in our growth and I am confident that we will continue on this upward trajectory as they assume their new roles,” he said.
The leadership restructuring follows a tumultuous period for Navi, which faced regulatory challenges from the Reserve Bank of India (RBI) in recent months. The RBI had imposed a temporary ban on Navi’s lending activities, stopping the company from issuing credit products to its customers for approximately 40 days. This was after the RBI flagged concerns over the company’s lending practices, including high-interest rates and accusations of “evergreening” loans. Evergreening refers to the practice of refinancing or rolling over loans to delay repayments, pushing borrowers into a cycle of debt, especially in lower-value loan segments.
In response to the RBI’s actions, Navi took proactive steps to address the concerns raised by the regulator. The company made several operational and policy changes to align with the RBI’s guidelines, leading to the reversal of the lending ban after a little over a month.
Bansal addressed the regulatory challenges, clarifying that the leadership changes were a part of a long-term strategy and not a response to the RBI’s action. “This restructuring is a proactive evolution to enhance performance, not a response to any of the recent regulatory challenges the company has faced,” he stated.
By stepping into the role of Executive Chairman, Bansal will focus on guiding the overall strategic direction and vision for the Navi Group. He added, “Holding the position of Executive Chairman also allows me to dedicate my efforts to guiding the overall vision of Navi Group, while Rajiv and Abhishek will lead their respective businesses.”
Under the new leadership, Navi aims to continue its trajectory of growth and innovation within India’s competitive fintech space. The company has been working on refining its lending products and enhancing customer experience, especially after the RBI’s regulatory scrutiny. Navi’s proactive response and commitment to regulatory compliance have been instrumental in restoring the company’s lending capabilities.
As the new CEOs, Naresh and Dwivedi are expected to lead Navi’s diverse portfolio of fintech products and financial services. Naresh, who will take charge of NTL, and Dwivedi, who will oversee NFL, both bring extensive experience in scaling businesses and managing operational efficiency. With this leadership change, Navi is poised to focus on furthering its mission of providing affordable and accessible financial products to underserved markets in India.
Navi Technologies continues to evolve as a prominent player in the Indian fintech ecosystem, with a vision to expand its offerings and reach more customers across the country. The leadership restructuring marks a new chapter for the company, one that aims to balance regulatory compliance with aggressive growth in the competitive fintech sector.
