Navi Technologies, led by Sachin Bansal files papers for Rs 3,350-crore IPO

Mar 12, 2022 05:00 pm

Navi Tech, led by Flipkart co-founder Sachin Bansal has filed papers with market regulator Securities and Exchange Board of India (Sebi) to raise up to Rs 3,350 crore via an initial public offer.

The leafing tech company’s business includes lending, general insurance, mutual funds, and microfinance. They are also awaiting approval from the RBI for a universal banking licence.

The company plans to invest the proceeds of the IPO towards funding the following objects: Investment into its subsidiaries, Navi Finserv Private Limited and Navi General Insurance Limited

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

Navi MF had acquired assets of Essel MF in 2021 and the firm had also filed for a blockchain fund last year. It also has a stockbroking licence from Sebi.