Sachin Bansal Led Navi Tech Is Gearing Up For IPO In 2022

Navi Technologies, the fintech startup founded by ex-Flipkart co-founder Sachin Bansal, is preparing to list on Indian stock exchanges. Navi has converted itself into a public company, according to a recent regulatory filing. For a firm that wishes to list on the stock exchange, converting from private to public is a must.

While the conversion ideally indicates a desire to list on a stock market and, as a result, submit a draught red herring prospectus, this is not always the case. The board approved the adjustment on February 2, according to the documents. While the company is currently working out the details of the ultimate IPO size, it is expected to file its draught papers with the Securities and Exchange Board of India (SEBI) before the end of this fiscal year.

In FY21, the startup's revenue increased by 251% to Rs 780 crore. Furthermore, revenues increased to over Rs 780 crore from Rs 221 crore in FY20, indicating a significant increase in income for the firm.

Navi Technologies

Navi Technologies was founder Sachin Bansal and his former Flipkart colleague Ankit Agarwal which was founded in 2018. Navi is a financial services firm that offers personal and home loans via Navi Finserv and health insurance through Navi General Insurance. It operates as a general insurer and microfinance company. Navi provides health insurance coverage for individuals and families ranging from Rs 2 lakh to INR 1 crore. The Navi Group is headquartered in Bengaluru, Karnataka.