World Bank arm IFC to pick up 4.5 % stake in Sachin Bansal floated NAVI

Investment to support the transformation of CIFCPL into a technology led universal bank

World Bank's investment arm International Finance Corporation (IFC) will buy a 4.5 per cent stake in Navi Technologies (NAVI), a company founded by Filpkart founder and former CEO Sachin Bansal, for $30 million.

NAVI is in the process of acquiring 100 per cent ownership Chaitanya Rural Intermediation Development Services (CRIDS) via shares from Sachin Bansal and existing investors. An application has been submitted to the Reserve Bank of India (RBI) for the same.

CRIDS has a wholly owned subsidiary Chaitanya India Fin Credit Private Limited (CIFCPL). 

CRIDS and CIFCPL are collectively referred to as Chaitanya. They provide loans to low income