Sachin Bansal's Navi Technologies Gears Up For Rs 4,000-Crore IPO In Next Fiscal Year: Reports

New Delhi: Flipkart co-founder Sachin Bansal’s financial services firm, Navi Technologies, is planning to raise Rs 4,000 crore in fresh capital through an initial public offering (IPO), according to media reports.

Navi is expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) this week, quoting sources the report said. The listing could happen during the first quarter of next financial year. The company will use the proceeds to fuel growth, sources added.

ICICI Securities, BofA, and Axis Capital are the investment banks handling the share sale of the company.

Navi Technologies, which is co-founded and promoted by Bansal, is a tech-driven financial products and services firm. Its key offerings include personal loans, housing loans, general insurance and mutual funds.

The company was set up in 2018 with its digital-first approach has tried to disrupt the businesses it operates in. In the mutual fund space it has launched the exchange traded funds (ETFs) with lowest fee structure. In personal loans, the firm instantly offers loans of up Rs 20 lakh through a completely paperless process.

Navi had acquired Chaitanya India Fin Credit for Rs 739 crore in 2019 and entered the microfinance segment. Chaitanya had also applied for a universal banking licence from the Reserve Bank of India. Navi’s loan book size is about Rs 3,500 crore.

Navi MF had acquired assets of Essel MF in 2021. The data from Association of Mutual Funds in India shows that Navi MF has assets of Rs 930 crore as of December quarter.

Navi Technologies turned profitable in FY21. It logged a consolidated profit of Rs 71 crore, with a total income of Rs 780 crore and expenditure of Rs 673 crore.

Bansal has invested nearly Rs 4,000 crore into Navi Technologies to date.