Flipkart co-founder Sachin Bansal is in talks to raise capital for his new startup, Indian fintech Navi.
Bansal is talking to investors to raise at a valuation of around $2 billion, three sources familiar with the matter told TechCrunch.
The Bengaluru-headquartered startup Navi has been largely self-funded up to now — Bansal owns 97% of the company — and this would be its first large outside fundraise since it was founded in 2018.
After a particularly rough 2023 in which overall startup funding fell 73% in the country, this could be a signal that growth stage funding rounds are back on the table.
Even if this might become Navi’s first external raise, that doesn’t mean Bansal has not been talking to interested parties.
Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board, the two said Saturday.
Sachin Bansal, the Bengaluru-headquartered startup’s other co-founder, left the board in 2018 after scuffle with the investors.
Binny Bansal, who reserved the rights to stay on Flipkart’s board for as long as he preferred, cited conflict of interest with his new venture as the reason for the move.
“I am proud of the Flipkart Group’s achievements over the past 16 years.
After leaving Flipkart, Sachin Bansal founded Navi, a financial services firm that is looking to go public.
Software delivery platform Harness today announced that it has acquired the assets of Armory, a continuous deployment startup built on top of the open source Spinnaker project.
As Harness CEO and founder Jyoti Bansal told me, the acquisition price was about $7 million in cash.
Other investors include Lead Edge Capital, Insight Partners, Crosslink Capital, Bain Capital Ventures, Mango Capital, Y Combinator and Javelin Venture Partners.
Harness will hire many of Armory’s employees and Harness will continue to support existing Armory implementations.
He does, of course, hope that many of Armory’s customers will migrate to the Harness platform over time, but he also stressed that he wants to help Armory’s existing customer base.
