Flipkart Founder's Fintech Navi enters into Mutual Fund market
Fintech startup Navi to launch its own mutual funds under the name of Navi Mutual Funds.
The first fund Sachin Bansal's Navi is planning to launch is the Index fund mirroring the Nifty 50 Index.
Navi Nifty 50 Mutual Fund will be the cheapest index fund in the market with an expense ratio of just 0.06% vs the category average of 0.25%.
Navi has the aspiration to become Vanguard of India which was quite evident from Sachin Bansal's Linkedin post.
Navi is the 4th fintech entering into AMC space after Groww, Angel Broking and Zerodha.
Navi is headquartered in Bangalore started its operations in December 2018.
Navi Technologies started its operations by launch 100% digital personal loan product.
The personal loan product was followed by the home loan product, the loan products are part of the entity Navi Finserv.
Navi Health Insurance also offers 100% digital health insurance via its App.
Navi AMC will be the third entity offering Mutual Funds on Navi app.
Navi is founded by ex Flipkart founder & CEO, Sachin Bansal, After exiting the Flipkart via its acquisition to Walmart, Sachin entered fintech space with Navi.
Sachin Bansal was working with Amazon before starting Flipkart with Binny Bansal, Both of them colleagues at Amazon and batch mates at IIT Delhi.
Navi competes with likes of Paytm, Vital in health insurance place, likes of Paytm, Mobikwik, MoneyTap, Kreditbee in personal loan space, While Groww, Zerodha & Angel Broking in tech-based AMC space as well as a bunch of traditional mutual fund houses.