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Navi Technologies Gets Approval From SEBI For IPO

Sachin Bansal’s Navi Technologies get the nod from the Security and Exchange Board Of India (SEBI) for an Initial Public Offering (IPO), providing the Flipkart co-founder with a boost as he works to create a financial services conglomerate. 

Navi Technologies is a fintech company that submitted the draft papers to SEBI in March this year to raise Rs. 3,350 crores through a fresh issue of shares. The IPO will not have a shareholders’ offer for sale (OFS), said Sachin Bansal, who holds a 97.39 per cent stake in the fintech company. 

According to the SEBI website, the firm received an observation letter on September 5 in response to its filing. According to the DRPH (Draft Red Herring Prospectus), the company plans to invest the proceeds of the IPO in Navi Finserv and Navi Health Insurance Companies in addition to general expansion goals. 

Navi Technologies is a tech-driven financial product and services brand. Since its inception, the company has increased its product offerings and included funds, general insurance, house loans, and personal loans. In addition to this, it provides microloans via Chaitanya India Fin Credit. 

The startup is facing ups and down as it registered a profit of Rs 71.11 crores in FY21 and confronted a loss of Rs 206.42 crores in the first nine months of FY22. 

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Navi Technologies was founded in December 2018, just six months after Bansal quit his first venture, Flipkart, which Walmart snapped for $ 16 billion the same year. At this time, Bansal held only a 5.5 per cent stake in Flipkart before he exited. 

Now Bansal holds a 97.30 per cent stake, choosing to raise further funds through an IPO rather than a private investor. 

The post Navi Technologies Gets Approval From SEBI For IPO appeared first on Trade Flock.



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Navi Technologies Gets Approval From SEBI For IPO

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