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Sachin Bansal quits as CEO of Navi; new chiefs appointed for Navi Tech and Finserv

EntrackrEntrackr · 5m ago
Sachin Bansal quits as CEO of Navi; new chiefs appointed for Navi Tech and Finserv
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.

Cult.fit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal becomes chairman

EntrackrEntrackr · 1y ago
Cult.fit elevates Naresh Krishnaswamy as CEO, Mukesh Bansal becomes chairman
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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