Navi Restarts IPO Preparations, Eyes Launch In Second Half Of FY26

In what is its second attempt to go public, Sachin Bansal-led fintech unicorn Navi has initiated discussions with merchant bankers in a bid to launch its initial public offering (IPO). 

Bansal told ET that the company has started initial discussions for the IPO but valuation and other details have not been finalised.

“We want to go public, and we’re in talks with bankers to figure out the right moment… The business is in good shape, and although I can’t give a specific timeline, we are actively considering it,” the report quoted the executive chairman as saying.

He said that the launch of the IPO may happen in the second half of FY26.

It is pertinent to note that Navi first filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in 2022 for INR 3,350 Cr IPO. However, the company didn’t go ahead with the offer launch then.

The latest development comes days after Bansal stepped down from the role of CEO of Navi Technologies and Navi Finserv and took over as the executive chairman of the Navi group. The company appointed Rajiv Naresh as the CEO of Navi Technologies and Abhishek Dwivedi as the CEO of Navi Finserv. 

Founded in 2018 by Flipkart cofounder Bansal and Ankit Agarwal, Navi is a financial services company. It primarily provides personal, vehicle, and home loans. Over the years, it expanded its services and now also offers UPI, insurance, and mutual fund investment.

In October last year, Navi Group came under the scanner of the Reserve Bank of India (RBI) for flouting certain norms. The RBI banned Navi Finserv from sanctioning and disbursing loans due to supervisory concerns. 

The restrictions were lifted in December 2024.

Navi Technologies’ subsidiary Navi Finserv’s consolidated operating revenue stood at INR 1,906.2 Cr in the financial year 2023-24 (FY24) as against INR 2,040.6 Cr in FY23. However, the numbers are not comparable as the FY23 numbers also included income from Navi Finserv’s former subsidiary Chaitanya India Fin Credit Private Limited. 

Following the sale of the subsidiary, the consolidated profit after tax (PAT) from continued operations slipped 56% year-on-year (YoY) to INR 115.6 Cr in FY24.

Meanwhile, Navi Technologies posted a profit after tax of INR 130 Cr in H1 FY25 on a total income of INR 2,614 Cr, as per Care Ratings.