Flipkart co-founder Sachin Bansal's Navi plans to raise $315 million in an India IPO valuing the fintech at up to $2 billion, Bloomberg reported.
Alpha Score of 51 reflects moderate overall profile with weak momentum, moderate value, moderate quality, moderate sentiment.
Fintech startup Navi is preparing an initial public offering in India that could value the company at as much as $2 billion, Bloomberg reported Thursday, citing unnamed sources. The company aims to raise as much as 30 billion rupees, about $315 million, and file a prospectus by December, the report said. Terms and timing remain subject to change.
The company was founded by Sachin Bansal, who co-founded Flipkart, the Indian eCommerce company Walmart bought for $16 billion in 2018. Navi's financial services span lending, mutual funds, health insurance, and UPI payments. The company received regulatory approval for an IPO in September 2022 after submitting a draft prospectus in March 2022, but delayed the offering when investor sentiment soured during a broader market downturn, per the report.
"To make financial products and services simple, affordable and accessible for a billion Indians," Navi says on its website. The Navi App offers paperless processes, minimal documentation, and round-the-clock customer support. Its businesses include Navi Finserv for cash and home loans, Navi General Insurance for health plans, and Navi Mutual Fund for multiple schemes.
The Walmart-Flipkart acquisition was the biggest deal in India's eCommerce sector at the time. Doug McMillon, then Walmart CEO, said: "India is one of the most attractive retail markets in the world, given its size and growth rate."
Navi's prospectus filing is expected by December, the report said. The company's valuation will depend on market conditions at the time of pricing.
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