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Sachin Bansal hands over CEO role; transitions to Executive Chairman
YourStory
·
5m ago
Medial
Sachin Bansal, co-founder of Navi Group, will shift from CEO of Navi Technologies Limited (NTL) and Navi Finserv Limited (NFL) to Executive Chairman of the parent group. Rajiv Naresh and Abhishek Dwivedi will become the new CEOs, with Naresh overseeing non-lending businesses and Dwivedi leading lending operations. This restructuring aims to enhance growth focus, with Bansal concentrating on long-term strategies, including fundraising and mergers. Navi Finserv recently resumed lending after addressing regulatory concerns.
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Navi Finserv appoints ex-RBI director Anil Misra as non-executive Chairman
YourStory
·
11m ago
Medial
Former Executive Director of the Reserve Bank of India (RBI), Anil Kumar Misra, has been appointed as the non-executive Chairman of Navi Finserv Limited. Misra will join as the Executive Chairman while Sachin Bansal will continue as CEO. With extensive experience in overseeing banking and non-banking financial institutions, Misra's appointment is expected to strengthen Navi Finserv's focus on governance and long-term growth. Commenting on the addition, Bansal expressed excitement and emphasized Misra's expertise in financial services. Misra has also served on the boards of significant banks, including Punjab National Bank and Union Bank of India.
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Sachin Bansal quits as CEO of Navi; new chiefs appointed for Navi Tech and Finserv
Entrackr
·
5m ago
Medial
Sachin Bansal quits as CEO of Navi; new chiefs appointed for Navi Tech and Finserv The move follows RBI's recent lifting of restrictions on Navi Finserv, allowing it to resume lending. In October, the RBI had directed Navi Finserv and three other NBFCs to cease loan approvals, citing deficiencies in adherence to regulatory guidelines. Navi has announced the appointment of Rajiv Naresh as the new CEO of Navi Technologies Limited and Abhishek Dwivedi as the new CEO of Navi Finserv Limited. Sachin Bansal, the existing CEO of both companies, will transition to the role of Executive Chairman of the Navi Group while continuing to oversee the group's strategic direction. Both Rajiv Naresh and Abhishek Dwivedi have been part of Navi's early founding team and have held various leadership roles within the organization over the past six years. "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," said Bansal. According to the press release, Bansal will focus on Navi’s long-term strategy, expansion, fundraising, mergers and acquisitions, and improving compliance and risk management. He will also support Navi’s tech growth through innovation in technology and data science while guiding Rajiv and Abhishek in managing their businesses. After the changes, Abhishek will lead lending businesses, while Rajiv will handle non-lending businesses at Navi Group. Navi’s revenue from operations rose to Rs 1,906 crore in FY24 from Rs 1,238 crore in FY23, as per its standalone financial statements. The company’s net profits stood at Rs 668 crore, largely driven by gains from the sale of its subsidiary.
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Reshuffle At Cult.fit: Naresh Krishnaswamy Elevated As CEO
Inc42
·
1y ago
Medial
Mukesh Bansal, co-founder of Cult.fit, has been appointed as the new executive chairman of the fitness unicorn, while Naresh Krishnaswamy, head of fitness services, has been promoted to the position of CEO. Krishnaswamy has been leading the company's operations since Bansal moved to Tata Digital as its president. The reshuffle follows Cult.fit raising $10.2 million in funding and laying off over 120 employees. Krishnaswamy's tenure has also seen the company undertake restructuring efforts to streamline operations and curb losses. Cult.fit has raised over $670 million in funding and offers various fitness services.
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Prem Watsa steps down as Fairfax India chairman as firm rejigs top deck
VCCircle
·
1y ago
Medial
Prem Watsa has stepped down as chairman of Fairfax India Holdings Corp, with his son Benjamin Watsa taking over the role. Prem Watsa will continue to be associated with the asset management firm as a director. Benjamin Watsa is the founder and CEO of Marval Capital and has over 23 years of experience in the investment industry. Additionally, Gopalakrishnan Soundarajan has been promoted to CEO of Fairfax India, while Chandran Ratnaswami will become executive vice chairman. Fairfax India has made investments in various Indian companies since its inception in 2015.
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Airtel Payments Bank Appoints Anuj Bansal As CFO
Inc42
·
1y ago
Medial
Anuj Bansal has been appointed as the Chief Financial Officer of Airtel Payments Bank, bringing his extensive experience in financial planning and analysis from his previous role as the VP at MasterCard India. In his new role, Bansal will be responsible for overall financial strategy, including corporate financial planning, budgeting, supply chain, and treasury management. He will report directly to Airtel Payment Bank's MD and CEO, Anubrata Biswas, and will be part of the company's executive committee. This appointment reflects the company's commitment to expanding its product suite and maintaining its unique position in the Indian market.
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Ola names Hemant Bakshi as CEO
Inshorts
·
1y ago
Medial
Ola's parent company ANI Technologies has named former Unilever executive Hemant Bakshi as its next CEO, with Bhavish Aggarwal stepping away from his role as the company undergoes streamlining of operations. Bakshi served as Executive Vice President of Unilever Marketplace and Chairman of Unilever Indonesia. He joined Ola and moved back to India around four months ago, NDTV Profit reported.
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HackerEarth Reshuffle: Sachin Gupta Moves To Chairman Role, Vikas Aditya Roped In As CEO
Inc42
·
1y ago
Medial
Sachin Gupta, the co-founder of a company, has handed over his responsibilities to Aditya. Gupta stated that the changing role of software developers in the AI industry necessitated this decision. Aditya, who was previously the CEO of Veridic, will now take on the role of CEO, allowing Gupta to focus on product vision, exploring new opportunities, and spending more time with customers and partners. Aditya has also held significant leadership positions at Intel Corp, TEKnuova, and FTS Solution.
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Jack Altman is the second Altman brother to drop the CEO title — but stepping back at software unicorn Lattice was his call
Business Insider
·
1y ago
Medial
Jack Altman, the co-founder and CEO of HR software startup Lattice, is stepping down from his role and transitioning to the position of executive chairman. Altman expressed his desire to return to the early stages of company-building and cited the changing challenges and scope of work at a late-stage startup as his reason for the transition. Former Salesforce executive Sarah Joyce Franklin has been appointed as Lattice's new CEO. The company, which recently had a valuation of $3 billion, is now focusing on sustainable growth and profitability.
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Tencent To Offload 2.1% Stake In PB Fintech For INR 1,610 Cr
Inc42
·
11m ago
Medial
Tencent plans to sell shares of PB Fintech, the parent company of PolicyBazaar, at a discount of more than 4% to the stock's last closing price. This move comes after PB Fintech's chairman and CEO, Yashish Dahiya, and vice chairman, Alok Bansal, sold a significant number of shares a few months ago. PB Fintech's shares have seen a significant increase, up 115% this year and over 129% in the past 12 months.
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Cult.fit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal becomes chairman
Entrackr
·
1y ago
Medial
Fitness tech company Cult.fit has elevated its co-founder Naresh Krishnaswamy as the chief executive officer. He will succeed co-founder and long-time CEO Mukesh Bansal, who now takes over the role of the company’s executive chairman. Krishnaswamy already took over the position of the CEO in October last year, according to his Linkedin profile. The company, however, did not announce it formally then. A Cult.fit spokesperson confirmed the development. Before moving to the top position, Krishnaswamy was the head of finance of Cult.fit for more than three years and also handled growth and business division of the firm for more than two-and-half years. Before Cult.fit, he was associated with e-commerce firm Myntra for nearly six years. Following Tata Digital’s first investment of $75 million in Cult.fit in June 2021, Bansal joined the former as president. Though, he continued to hold the top role at the Cult.fit. Cult.fit recently raised around $10.2 million in an extended Series F round led by existing backer Valecha Investments. As per startup data intelligence platform TheKredible, Bansal holds a 10.5% stake in the company. Entrackr exclusively reported the fundraise in February. In January, Cult.fit announced laying off around 150 employees. As per the company, the move was a part of a regular annual operating planning process. During Covid-19 pandemic, it had fired around 800 employees and permanently closed many of its fitness centres across the country. Cult.fit turned unicorn in November 2021 when Deepinder Goyal-led Zomato acquired a 6.4% stake in the company in a $100 million deal. In FY23, Cult.fit’s revenue from operations surged 3.2X to Rs 694 crore from Rs 216 crore in the previous fiscal year. While it managed to reduce losses by 20% to Rs 551 crore (excluding the exceptional items or non-cash expenses) in FY23 from Rs 688 crore in FY22. The company is yet to disclose its FY24 numbers.
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