Flipkart co-founder Sachin Bansal-led Navi Technologies filed for an initial public offering with SEBI to raise USD 440 million on March 12, 2022. Navi Technologies is a fintech startup with headquarters in Bangalore, India.
As per the Draft Red Herring Prospectus (DRHP), there will be no offer for sale. The proposed IPO will come through via a fresh issue of equity shares.
Sachin Bansal will not offload his stake through the initial public offering.
ICICI Securities, BofA, Axis Capital, Credit Suisse Securities (India), and Edelweiss Financial Services are likely the Book Running lead managers for the current IPO.
Cyril Amarchand Mangaldas and Indus Law are the legal advisors for Navi Technologies.
Navi Technologies Utilization of Funds
The fintech startup intends to use the funds by investing in its subsidiaries. Navi Finserve Private Limited (NFPL), and Navi General Insurance Limited ( NGIL).
Besides, the funds will also aid in general corporate purposes.
The firm may also consider a pre- IPO placement worth INR 670 crore ( around USD 87 million). If pre-IPO placement is undertaken, then the size of fresh issues may be reduced. The shares will likely go public in June 2022.
About Navi Technologies
Navi Technologies is a Sachin Bansal-led fintech firm. It is a technology-driven financial products and services company in India. Its core focus is on the country’s digitally connected young middle-class population.
In 2018, Sachin Basal moved out of Flipkart. He founded Navi Technologies along with Ankit Agarwal.
The company has incorporated its offerings under the NAVI brand. They offer personal loans, home loans, general insurance, and mutual funds.
Besides, they offer microfinance loans via its wholly-owned subsidiary, under the Chaitanya brand. The fintech startup acquired Chaitanya India Fin Credit to enter into the microfinance segment. The acquisition cost around USD 96 million (INR 739 crore) in 2019. Chaitanya also applied to the Reserve Bank of India (RBI) to procure a universal banking license.
As per its website, Navi Technologies is a digital lending application. It instantly provides loans up to INR 20 lakh (USD 26,106) through a paperless procedure.
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