Navi Technologies Files Papers With SEBI for IPO

Flipkart co-founder, Sachin Bansal led tech-driven financial services startups, Navi Technologies has filed papers with SEBI to raise up to Rs 3,350 crore through an initial public offering.

According to a person aware of the master, the firm looks forward to growing its lending and insurance business. There could also be a possibility of a pre-IPO round of up to Rs 670 crore and as of now, the plan is to launch the IPO in June-July depending on the market conditions.

Historically, Navi has chosen an inorganic route to enter the segment. Its businesses include credit, non-life insurance, investment trusts and microfinance. It acquired Chaitanya India Fin Credit in 2019 for Rs 739 crore and entered the microfinance segment. Chaitanya India has also filed for a universal banking licence from the RBI. 

The total income of the company rose by 251% from Rs 221 crore in FY20 to Rs 780 crore in FY21. Expenditure of the company also grew by 217% from Rs 212 to Rs 673 crore year-on-year.

Navi Technologies posted a consolidated profit of Rs 71 crore in FY2009 and a loss of Rs 8 crore in the previous financial year. Revenue increased by 143% due to increased digital adoption during the pandemic.