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Navi Mutual Fund to Launch New Mutual Fund Schemes; Technology to Reduce Investing Costs

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Navi Mutual Fund, owned by Sachin Bansal, is expected to launch the first few mutual fund schemes in the coming months. In February, Bansal bought Essel Mutual Fund from Subhash Chandra's Essel Group and renamed it.

According to Saurabh Jain, managing director and CEO, Navi Mutual Fund, the new fund house will use technology to lower the cost of investing for investors.

In addition, Navi intends to introduce a Nifty 50 Index fund in the near future, pending Sebi approval.

Navi Mutual Fund's headquarters will relocate from Mumbai to Bengaluru in order to be closer to the group's headquarters. This will make it the first asset management company (AMC) based in Bengaluru, indicating the growing importance of tech companies and clusters in conventional finance.

The fund house, according to Jain, will hire people with a diverse range of fintech skills, not just those with asset management backgrounds.

It is a branch of Bansal's Navi Group, which provides digital personal loans, mortgages, and health insurance.

“Given that we already have ten active equity and debt schemes, our immediate emphasis is to add passive funds to the mix," Jain explained.

A multi-state microfinance non-banking financial company that has applied for a universal banking license is also part of the group.

According to data from the Association of Mutual Funds in India, Navi Mutual Fund had average assets of Rs.698 crore in the fourth quarter of FY21. This money is mostly made up of Essel Mutual Fund's legacy funds.

“Navi's key strengths are its investor-first mindset and technology, which we will fully leverage to generate value for our investors”, Jain stated.

“Given that we already have ten active equity and debt schemes, our immediate emphasis is to add passive funds to the mix," Jain explained.

With a mission to make financial services easy, affordable, and available, Sachin Bansal (co-founder and ex-Chairman of Flipkart, India's largest e-commerce player) and Ankit Agarwal (ex-banker with Deutsche Bank and Bank of America) created ‘Navi.' When it comes to launching financial services products, Navi has taken a technology-driven and customer-centric approach.

Navi was founded in December 2018 and has already launched digital lending products (personal and home loans), general insurance, microfinance, and mutual funds in a short period of time.

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