Financial Insights

Flipkart founder’s Navi Technologies to file DRHP for Rs 4,000 crore IPO

Sachin Bansal’s (co-founder of Flipkart) venture Navi Technologies is set to file its DRHP with the market regulator SEBI to raise Rs 4,000 crore via an IPO. The DRHP is expected to be filed this week and the IPO to open in June.

After exiting from the company he had co-founded, Sachin Bansal began another venture on his own called Navi Technologies. It is a tech-driven financial products and services company. As per its website, Navi is a digital lending app which provides loans up to Rs 20 lakh instantly through a completely paperless process. Its lending book is over Rs 3,500 crore right now, which comprises personal loans, home loans, and microfinance loans. To enter the microfinance segment, Navi earlier acquired Chaitanya India Fin Credit for Rs 739 crore in 2019.

The IPO will be a pure fresh issue. There will be no OFS. Sachin Bansal had added almost Rs 4,000 crores of his own money to launch the company and is not diluting his stake in the IPO. He presently holds 97% in Navi. The money from the IPO is set to be used for aggressive growth plans and raise further debt from the market.

Highlight by Aman Agarwal.

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