• Navi has opted for the inorganic route in the past to enter segments and its businesses include lending, general insurance, mutual funds, and microfinance. The firm is awaiting approval from the RBI for a universal banking licence to build a bank from the ground up, utilising the technology stack built in-house. It also has a stockbroking licence from Sebi. Flipkart co-founder Sachin Bansal-led techdriven financial services startup Navi Technologies, which turned profitable in FY21, 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, sources in the know told Moneycontrol.
  • Axis Capital, Bofa Securities, ICICI Securities, Edelweiss Financial Services and Credit Suisse are the investment banks working on the Navi Tech IPO. Cyril Amarchand Mangaldas and Indus Law are the legal advisors. 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. Bansal added that the company's microfinance loan book stood at Rs 1,500 crore and non-microfinance loan book at Rs 600 crore. Overall, the startup was disbursing loans worth Rs 350 crore a month, according to him.