Categories: Business

Sachin Bansal helmed Navi Technologies approved by Sebi, for IPO

Navi Technologies approved by SEBI: The Securities and Exchange Board of India (SEBI) has given Sachin Bansal’s fintech business Navi Technologies the go-ahead for an Initial Public Offering (IPO), which will help the Flipkart co-founder in his efforts to build a financial services conglomerate.

Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks

Navi Technologies approved by SEBI: Key Points

  • Navi Technologies submitted draft papers to SEBI in March of this year in order to raise up to Rs 3,350 crore through a new share offering.
  • Sachin Bansal, who has a 97.39 percent ownership in fintech, stated that there will not be an offer for sale (OFS) by shareholders in the IPO.
  • According to the SEBI website, the fintech company received an observation letter in response to its filings on September 5.
  • The DRHP states that in addition to general expansion objectives, the fintech company wants to invest the IPO revenues in Navi Finserv and Navi General Insurance companies.

Sachin Bansal’s Navi Technologies: About

  • Navi Technologies is a tech-focused provider of financial goods and services.
  • Since its inception, the company has expanded its range of products to include mutual funds, general insurance, home loans, and personal loans.
  • It also offers microloans through Chaitanya India Fin Credit.
  • Sachin Bansal established Navi Technologies just six months after leaving his previous business, Flipkart, which Walmart acquired for $16 billion.
  • Bansal’s ownership of Flipkart before his departure was merely 5.5 percent. This contrasts sharply with Navi, in which Bansal has a 97.39 percent interest and chose to acquire more capital through an IPO as opposed to through private investors.

Sachin Bansal’s Navi Technologies: Profit

  • Navi made a profit of Rs. 71.1 crore in FY21, while the company lost Rs. 206.42 crore in the first nine months of FY22.
  • The primary market for Navi is microfinance loans; in Q3 of FY22, the company had Rs 1,808 crore in assets under management (AUM).
  • Gross non-performing assets (NPAs) for the vertical were 3.83 percent over that time. Personal loans had a 1.12 percent gross NPA rate.

Important Takeaways for All Competitive Exams:

  • Flipkart Founder’s: Binny Bansal and Sachin Bansal
  • Flipkart CEO: Kalyan Krishnamurthy
  • Navi Technologies founder and CEO: Sachin Bansal
Madhavi Gaur

Recent Posts

Which District of Haryana is Known as Brass City?

Haryana is a state in northern India known for its rich history and industrial growth.…

16 mins ago

Govt Should Include Coking Coal in Critical Minerals List: NITI Aayog

The NITI Aayog has recommended adding coking coal to India's critical minerals list, emphasizing its…

38 mins ago

UK and India to Relaunch FTA Talks in Early 2025: Strengthening Bilateral Ties

UK Prime Minister Keir Starmer announced the resumption of Free Trade Agreement (FTA) negotiations with…

1 hour ago

COP29 Tourism Sector Gains Global Support for Climate Action

COP29 marked a significant milestone in global efforts to address climate change within the tourism…

1 hour ago

Bali Celebrates Hindu Festival of Gratitude

Bali is home to a rich cultural heritage that blends Hindu philosophy, local animist traditions,…

2 hours ago

Which Indian State is Known as the Breadbasket of India?

India's states are known for their unique identities based on culture, geography, or contributions to…

2 hours ago