Wednesday, June 16

IFC eyes 4.5% in Navi Tech for $30 mn

Bengaluru: International Finance Corporation (IFC) is looking to invest $30 million in Sachin Bansal’s Navi Technologies in return for a 4.5% stake in the firm, as per a disclosure on the IFC website. If the deal goes through, it is expected to value one-year-old Navi Technologies at a little over $650 million.

Navi Technologies is in the process of acquiring 100% stake in microfinance company Chaitanya Rural Intermediation Development Services Private Limited , which has a fully owned subsidiary, Chaitanya India Fin Credit Private Limited, which has made an application to the central bank for a universal banking licence. “CIFCPL has made an application to the RBI for a universal banking licence under the RBI’s On-Tap Banking Licence Guidelines, 2016. IFC’s investment in Navi is to support the transformation of CIFCPL into a technology-led universal bank…”the disclosure on IFC’s website read.

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