 "independent directors, board, management")
Sachin Bansal-led Navi Technologies on Thursday said it has appointed Vidit Aatrey, the founder of social commerce platform Meesho, as an independent director on its board.
With this appointment, the number of independent directors on its board reached four. Overall, Navi's board now comprises seven members, according to the company statement.
The appointed of Aatrey, effective from April 9, is subject to completion of formalities, it added.
Navi has recently appointed three independent directors -- Abhijit Bose, head of India for WhatsApp; Shripad Nadkarni, a member of Maverix Platforms and FMCG veteran and Usha Narayanan who had worked with Lovelock & Lewes Chartered Accountants LLP, a member firm of PricewaterhouseCoopers -- on its board.
"I am pleased to welcome Bobby (Abhijit), Shripad, Usha, and most recently, Vidit to our board. They each bring a unique perspective and I believe they will add significant strategic value to Navi as we continue to grow. These appointments further reinforce our commitment to setting high standards in corporate governance," Bansal, co-founder of the Navi group, said.
Other board members include Navi's promoter and co-founder Bansal, co-founder Ankit Agarwal, and Anand Sinha, former deputy governor of the Reserve Bank of India.
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In March, Navi had filed preliminary papers with Sebi to raise Rs 3,350 crore through an Initial Public Offering (IPO).
The proposed IPO is completely through a fresh issue of equity shares and there will be no Offer-For-Sale (OFS).
Flipkart co-founder Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO.
Navi Technologies is a tech-driven financial products and services company. Since the company's incorporation, it has expanded offerings under the "Navi" brand to include personal loans, home loans, general insurance and mutual funds. It also offers microfinance loans through a wholly-owned subsidiary under the "Chaitanya" brand.
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