Navi Technologies gets Sebi approval for IPO
New Delhi, Markets controller Sebi has given its blessing for the original public immolation of Navi Technologies, which has investments from Flipkart co-founder Sachin Bansal. Through the original Public Offering (IPO), which will be fresh issue of shares, the company aims to raise up to Rs3,350 crore.
Navi Technologies was issued the” observation letter” by Sebi on September 5, according to the rearmost update on the controller’s website.In Sebi’s parlance, allocation of observation letter implies its go- ahead to float an IPO. The company had filed its Draft Red Herring Prospectus (DRHP) with the controller in March this time.
As per the DRHP, the proceeds from the IPO will be used to invest in accessories– Navi FinServ Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL)– and for general commercial purposes. After moving out of Flipkart, Bansal along with Ankit Agarwal innovated Navi Technologies in 2018.
Navi Technologies is a tech- driven fiscal products and services company. It has expanded immolations under the’ Navi’ brand to include particular loans, home loans, general insurance and collective finances.
About Navi Technologies
Navi is the latest venture by Sachin Bansal (formerly co-founder of Flipkart, India’s largest e-commerce player) and Ankit Agarwal (formerly a banker with Deutsche Bank and Bank of America) that plans on making financial services simple, transparent and accessible to all.
Navi has taken a technology-driven and customer-centric approach to launch products in the financial services space. Founded in Dec 2018, Navi started with Digital Lending, and has served over 1.5 lac customers with our wholly-owned NBFC subsidiary ‘Navi Finserv’. In only 3 months post its launch it became one of the largest lending apps in the country.
Shortly after, Navi launched General Insurance and with our health insurance app, where we guarantee cashless claim approvals in under 20 mins with over 10,000+ hospitals in India. Navi has also ventured into Micro-Financing (through its wholly-owned MFI-NBFC- ‘Chaitanya India’) and has served 5 lacs+ customers across 8 states and an AUM of 1.3 thousand Cr.
How Navi is disrupting Financial Services
- Capital: Since financial services companies have huge capital requirements, Navi’s founders have already invested ~4000 crores of equity capital in the company.
- Team: Navi’s board and advisors include eminent industry leaders and the management team comprises people with significant industry and technology experience.