Flipkart Co-founder Sachin Bansal’s ‘Navi’ Plans ₹3,000 Crore IPO by March 2027: Report
Bengaluru: Fintech company Navi Ltd, co-founded by Flipkart co-founder Sachin Bansal, is gearing up for a major public market debut. According to a report by The Economic Times, the Bengaluru-based firm is preparing to file draft papers for an Initial Public Offering (IPO) in the January-March quarter of FY27, aiming to raise approximately ₹3,000 crore.
The proposed IPO is expected to include a combination of fresh share issuance and an offer for sale (OFS), though the final structure is yet to be finalized. Investment bank Kotak Investment Banking is reportedly working with Navi on the issue. If successful, this would mark Navi’s return to the IPO trail after a previous attempt in 2022.
Second Attempt at Listing
Navi had filed draft papers for a ₹3,350 crore IPO in 2022 and received SEBI approval. However, the company shelved the plan as market conditions for technology and fintech stocks deteriorated globally. The current plan comes amid a more stable—though still cautious—IPO environment in India.
Before hitting the public markets, Navi is reportedly in advanced talks for its first external equity funding round, potentially led by Dutch technology investor Prosus. The round is expected to help establish a valuation benchmark ahead of the IPO. Reports suggest Prosus is willing to invest at a valuation of around ₹13,000 crore, though negotiations are ongoing with some pushback on valuation. Earlier discussions reportedly involved raising $250-300 million at a $1.8-2 billion valuation with Prosus and Accel Growth Fund.
Navi’s Evolution into a Full-Stack Fintech Player
Founded in 2018, Navi started as a digital lending platform and has since evolved into a broader financial services company. Its offerings now span personal loans, home loans, loans against property, health insurance, mutual funds, and UPI payments.
The company rebranded from Navi Technologies Limited to Navi Limited, reflecting its ambition to become a comprehensive financial services platform. According to its FY25 annual report, the company reported a profit after tax (PAT) of ₹358.5 crore in FY24 but posted a loss of ₹119.3 crore in FY25.
Navi’s board includes Sachin Bansal as Chairman and Executive Director, Rajiv Naresh as Managing Director & CEO of Navi Ltd, and Abhishek Dwivedi as MD & CEO of Navi Finserv (the NBFC arm).
In 2023, Navi sold its microfinance business, Chaitanya India Fin Credit, to Svatantra Microfin in a ₹1,479 crore deal. The company also faced regulatory scrutiny in October 2024 when the RBI barred Navi Finserv and three other NBFCs from sanctioning new loans over concerns regarding pricing and processes. The restrictions were lifted in December 2024 after the company strengthened its compliance framework.
IPO Market Context
Navi’s planned listing arrives at a time when India’s fintech IPO pipeline remains selective. PhonePe paused its listing plans earlier this year due to global volatility, while Razorpay has filed papers confidentially. A successful Navi IPO could signal renewed confidence in the sector following a valuation reset after the 2022 tech sell-off.
Bansal’s track record with Flipkart and subsequent ventures lends credibility to Navi’s ambitions. The IPO, if completed, would be one of the larger fintech listings in recent years and could value the company significantly higher than its previous internal benchmarks.
As Navi prepares for its public debut, the focus will be on demonstrating sustainable profitability, robust compliance, and clear growth strategies in a competitive financial services landscape.
The coming quarters will be critical as the company finalizes its funding round, valuation, and IPO timeline. For India’s fintech ecosystem, Navi’s journey represents both the challenges and opportunities in scaling from startup to listed entity.