Flipkart co founder Sachin Bansal’s Navi MF to launch passive funds

Sachin Bansal-owned Navi Mutual Fund is all set to launch its first few mutual fund schemes in the next few months. Bansal had acquired Essel Mutual Fund from the Subhash Chandra-owned Essel Group in February and renamed it.

It is part of Bansal’s Navi Group, which offers digital personal loans, home loans and health insurance.

The group also includes a multi-state microfinance non-banking financial company, which has applied for a universal banking licence.

Navi Mutual Fund had average assets of ₹698 crore in the last quarter of FY21, according to data from the Association of Mutual Funds in India. This money is primarily the legacy assets of Essel Mutual Fund.