BENGALURU: Flipkart co-founder Sachin Bansal’s Navi Technologies, a tech-driven financial products and services start-up, has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 3,350 crore initial public offer (IPO).
Navi received an observation letter from Sebi on September 5. Navi Technologies offers a comprehensive suite of financial services solutions in a digital-first manner. Founded by Sachin Bansal and Ankit Agarwal in 2018, it launched the personal loan business in April 2020 and it extends instant personal loans of up to Rs 20 lakh through an entirely digital Navi App-only process.
The proposed IPO is completely through a fresh issue of equity shares. Sachin Bansal alone holds 97.39% stake in the company. The company proposes to utilise a portion of its net proceeds for investment in its subsidiaries, Navi Finserv Private Limited and Navi General Insurance Limited.
Since the company’s incorporation, it has expanded offerings under the Navi brand to include personal loans, home loans, general insurance, and mutual funds. It also offers microfinance loans through a wholly-owned subsidiary, under the Chaitanya brand.