Sachin Bansal-backed Navi plans Rs 3,000 crore IPO, to file papers with Sebi by March quarter

Fintech startup Navi Ltd, cofounded by Flipkart cofounder Sachin Bansal, is gearing up to file draft papers for an initial public offering (IPO) in the March quarter of FY27, aiming to raise around Rs 3,000 crore, according to people familiar with the matter.

The proposed issue is expected to comprise a mix of fresh equity and an offer for sale, although the exact structure is yet to be finalised. Bengaluru-headquartered Navi has appointed Kotak Investment Banking to manage the public issue, the people said.

The planned listing comes almost four years after Navi first attempted to go public with a proposed Rs 3,350 crore IPO. While the company secured approval from the Securities and Exchange Board of India (Sebi) in September 2022, it deferred the issue as volatile markets and a steep correction in technology stocks dampened investor sentiment.


Before approaching the public markets again, Navi is in the process of raising its first external equity funding round, led by Dutch technology investor Prosus. The capital raise is expected to help establish a valuation benchmark ahead of the IPO.

Also read: Sachin Bansal’s Navi in talks to raise $250-300 million from Prosus, Accel US

"The valuation is being discussed, and there's some pushback from Prosus," one of the people said, requesting anonymity. "Prosus is willing to invest at a valuation of around Rs 13,000 crore, but the final size and valuation of the round are yet to be closed."

ET had reported in June that Navi was in discussions to raise $250-300 million (Rs 2,400-2,800 crore) from Prosus and Accel Growth Fund at a valuation of $1.8-2 billion (around Rs 17,000-19,000 crore).

Emails sent to Navi, Prosus and Kotak Investment Banking seeking comments did not receive a response till press time.

In February last year, Bansal told ET that the company was working with investment bankers to identify the right window for a public listing. Earlier, in April 2024, Navi had explored raising $200-300 million from private investors at a valuation of about $2 billion, but the transaction did not go through.

Navi broadens position

Since shelving its earlier IPO plans, Navi has broadened its positioning from being primarily a digital lender to a wider financial services platform. Its offerings now include personal loans, home loans, loans against property, health insurance, mutual funds and Unified Payments Interface (UPI) services. While payments and bill payments are being used to acquire and engage customers at a lower cost, lending continues to be the company's primary revenue generator.

In 2023, Navi sold its microfinance arm, Chaitanya India Fin Credit, to Ananya Birla-led Svatantra Microfin for Rs 1,479 crore, helping lift its profit for FY24 to Rs 168.9 crore. The company, however, reported a net loss of Rs 126.3 crore in FY25.

India's fintech IPO market has delivered mixed outcomes. PhonePe, operator of the country's largest UPI platform, put its listing plans on hold in March because of volatile markets and differences over valuation with bankers.

Read more: Sachin Bansal assumes chairman role at Navi, appoints new CEOs

Razorpay has confidentially filed IPO papers to raise Rs 5,000-6,000 crore, while consumer lending platform Kissht and insurance technology company Turtlemint made their market debuts in May and June, respectively. Kissht's shares have gained nearly 50% since listing on May 8, whereas Turtlemint's stock has risen 1.28% since its June IPO.

Navi financials

Navi's lending business in India has gathered pace following the regulatory restrictions imposed in 2024, with monthly loan disbursals now ranging between Rs 3,000 crore and Rs 4,000 crore. The company is also evaluating expansion into Southeast Asia, with Bansal raising debt backed by a personal guarantee to fund the business.

In October 2024, the Reserve Bank of India (RBI) directed Navi Finserv, a wholly owned subsidiary of Navi, to stop disbursing loans after raising supervisory concerns, including excessive pricing. The restrictions were lifted in December 2024 after the central bank said the company had strengthened its systems and committed to complying with regulatory requirements.

For the quarter ended December 2025, Navi Finserv reported a 14% increase in operating revenue to Rs 654 crore, while net profit rose 21.7% to Rs 75.5 crore. For FY26, the company posted a 32% rise in net profit to Rs 292 crore on operating revenue of Rs 2,461 crore.
The company was renamed Navi Limited in August 2025, a few months after Bansal assumed the role of executive chairman in February. Rajiv Naresh and Abhishek Dwivedi were also appointed as the chief executive officers of Navi Ltd and Navi Finserv, respectively.

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