SEBI approves Navi Technologies’ Rs 3,350 crore IPO
By MYBRANDBOOK
The Securities and Exchange Board of India (SEBI) has approved Sachin Bansal’s fintech startup Navi Technologies for an Initial Public Offering (IPO). In March this year, Navi Technologies submitted draft papers to SEBI in order to raise up to Rs 3,350 crore through a fresh issue of shares.
According to the DRHP, the fintech company plans to invest the proceeds of the IPO in Navi Finserv and Navi General Insurance companies in addition to general expansion goals. The IPO will not have an offer for sale by shareholders.
Navi Technologies is a tech-driven financial products and services company. Since the company’s founding, it has increased its product offerings to include mutual funds, general insurance, house loans, and personal loans. Additionally, it provides microloans via Chaitanya India Fin Credit.
Bansal, who holds a 97.39 percent stake in the fintech, founded Navi Technologies, six months after quitting from Flipkart. “We are trying to work backwards and see what a bank for a billion people looks like. It has to be a lot more automated, things have to be a lot more simple, users should be able to help themselves. Banking should be as easy as going on Swiggy and ordering food,” he said.
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