Sachin Bansal Steps Down as CEO in Major Navi Restructuring, Remains Executive Chairman

On Friday, Navi, the fintech startup founded by Sachin Bansal, unveiled a significant leadership reorganization.

Bansal has stepped down as the CEO of both Navi Technologies Limited and Navi Finserv Limited but will continue serving as the Executive Chairman of the Navi Group.

Rajiv Naresh has been appointed as the CEO of Navi Technologies, while Abhishek Dwivedi will take over as the CEO of Navi Finserv.

A statement from the company highlighted that both Rajiv and Abhishek have been part of Navi’s early founding team and have held key leadership positions over the past six years.

Strategic Intent Behind the Leadership Change

According to the official statement, the restructuring is a strategic move to enhance operations and drive long-term growth.

It emphasized that Bansal will now concentrate on Navi Group’s strategic vision, explore expansion opportunities, lead fundraising and mergers and acquisitions (M&A) efforts, and strengthen compliance and risk management.

Bansal described the leadership transition as a crucial milestone for Navi Group.

He stated, “This restructuring 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 further added that his new role as Executive Chairman allows him to focus on guiding Navi Group’s overarching vision while ensuring innovation and excellence.

Navi’s Journey Under Sachin Bansal

Sachin Bansal co-founded Flipkart with Binny Bansal in 2007 but exited in 2018 before Walmart acquired the company. Following this, he launched Navi, which has since expanded into various fintech domains.

The latest restructuring at Navi comes after Bansal’s tenure as CEO, during which the company navigated regulatory challenges and continued its growth trajectory.

As part of the leadership transition, Rajiv Naresh and Abhishek Dwivedi, both experienced leaders within the Navi Group, have taken charge of their respective divisions.

The Newly Appointed CEOs

Both Rajiv Naresh and Abhishek Dwivedi joined Navi in 2019 and have held key leadership positions since then.

• Rajiv Naresh previously served as Director of Legal and later as Chief of Staff to the CEO before becoming Vice President. He will now oversee Navi’s non-lending businesses.
• Abhishek Dwivedi has held multiple roles across Navi, including Head of Human Resources, Chief Operating Officer of Navi General Insurance, and Head of Strategy and Business Operations. He will now lead the Group’s lending businesses.

Bansal reaffirmed his confidence in their leadership, stating, “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.”

Regulatory Challenges and RBI Restrictions

The restructuring follows regulatory action taken by the Reserve Bank of India (RBI) against Navi Finserv in October 2024.

The RBI imposed a ban on the company’s loan disbursal, citing concerns over loan pricing practices and consumer impact.

However, after 40 days, in December 2024, the RBI lifted the restriction, satisfied with the company’s revised processes and adherence to regulatory guidelines.

The RBI stated that the company had taken corrective measures and demonstrated a commitment to fair lending practices, which led to the removal of the restrictions.

The company proactively engaged with the regulator to address compliance issues.

Navi’s Response to RBI Action

Despite the challenges posed by the RBI’s supervisory restrictions, Navi has reiterated that the leadership restructuring is a proactive measure to enhance performance and not a reaction to regulatory concerns.

Bansal emphasized that the changes were designed to strengthen the company’s long-term vision and strategic direction.

The central bank had initially flagged concerns about Navi’s loan pricing and its impact on customers, particularly those in the lower income segment.

However, Navi swiftly implemented necessary changes, which led to the regulator reversing its decision within a short period.

Future Outlook for Navi Group

As Navi moves forward with its revamped leadership structure, Bansal’s focus will shift towards expansion, fundraising, and strengthening the company’s market position.

Meanwhile, Rajiv Naresh and Abhishek Dwivedi will lead their respective business units with a commitment to innovation and operational efficiency.

The company remains optimistic about the future, with a strong leadership team guiding its strategic direction.

As Bansal stated, “Holding the position of Executive Chairman allows me to dedicate my efforts to guiding the overall vision of Navi Group, while Rajiv and Abhishek will lead their respective businesses.”