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Flipkart co-founder's Navi aims for an IPO

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Mar 14, 2022
Illustrated collage of a computer, a hand on a cellphone, and a hand holding rupees

Illustration: Sarah Grillo/Axios

Navi Technologies, an India-based fintech offering loans and insurance, filed for an IPO in its home country to raise roughly $440 million.

Why it matters: This would be the most significant amount of outside funding Navi has raised since its founding — and a rare IPO at a time when few are willing to venture into the public market.

By the numbers: Navi posted income of about $93.9 million and a loss of about $27.9 million for the nine months ending December 2021.

Of note: Co-founder Sachin Bansal has largely funded Navi to its current stage and holds more than 97% of it, per the company’s prospectus.

  • It's a far cry in terms of capital structure from Bansal's last company, Flipkart. That e-commerce business is majority-owned by Walmart and has raised from the likes of SoftBank and Accel.
  • Bansal no longer owns a stake in Flipkart, though he is facing a handful of lawsuits from those days, per the filing.

The intrigue: Going public at this time may not have been Navi's first choice. Prior to this filing, the company sought funding from SoftBank at a $4 billion valuation, per TechCrunch, but that deal fell apart.

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