Sachin Bansal-led Navi in fundraising talks at $2 billion valuation: Report

Sachin Bansal, who founded fintech startup Navi Technologies after leaving e-commerce major Flipkart he co-founded with Binny Bansal, is reportedly in discussions with investors to raise between $200 million and $400 million, at a valuation of $2 billion.

TechCrunch reported on Thursday, citing sources, that the deal is yet to be materialised and may change its size when it reaches the final stage.

The startup Navi did not immediately comment on the report.

If the funding goes through, it would be the first major round for the Bengaluru-headquartered Navi which was founded in 2018.

Navi is the latest venture by Sachin and Ankit Agarwal, formerly a banker with Deutsche Bank and Bank of America.

It started with digital lending and has served thousands of customers with its wholly-owned NBFC subsidiary ‘Navi Finserv’. It also ventured into micro-financing later.

Last year, the fintech startup reportedly laid off hundreds of employees across multiple departments.

Meanwhile, earlier this year, Binny Bansal officially exited the e-commerce platform’s board after more than 16 years. Sachin Bansal left the board in 2018.

Binny has also announced a new venture called ‘OppDoor’, which will help e-commerce companies expand operations globally by providing them with end-to-end solutions.