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Home loan, insurance business drag Sachin Bansal’s Navi into slow lane

Economic Times

Economic Times · 1y ago

Home loan, insurance business drag Sachin Bansal’s Navi into slow lane

Navi Finserv, the financial services venture founded by Sachin Bansal, is facing challenges in scaling up its home loan and insurance products. The company aimed to achieve a monthly home loan disbursal of Rs 200 crore but has been operating at a limited scale. Its general insurance business has also experienced stagnation and a slowdown. Navi Finserv may need to reassess its processes and consider physical systems for the home loan business. The disruption of traditional lending practices with technology is proving to be a significant challenge in the market.

Related News

Sachin Bansal’s Navi Technologies raises Rs 170 crore via debt round - The Economic Times

Economic Times

Economic Times · 11d ago

Sachin Bansal’s Navi Technologies raises Rs 170 crore via debt round - The Economic Times

Navi Technologies, founded by Flipkart co-founder Sachin Bansal, raised Rs 170 crore via debt funding, led by PhillipCapital. The fintech firm offers loans, insurance, and UPI services. Despite past challenges with RBI over lending practices, Navi posted strong FY24 results and ranked fourth among India’s UPI apps by transaction volume. The company plans further expansion, supported by previous and ongoing funding efforts, and is valued at around $2 billion.

Sachin Bansal's fintech Navi seeks $2B valuation in its first major external fundraise

TechCrunch · 1y ago

Sachin Bansal's fintech Navi seeks $2B valuation in its first major external fundraise

Former Flipkart co-founder Sachin Bansal is reportedly in talks to raise up to $400 million for his fintech startup Navi, valuing the company at around $2 billion. Navi, which offers personal and home loans, as well as health insurance, has been self-funded up until now. The funding discussions highlight a shift in the venture market in India, following a decline in startup funding last year. Bansal has not given up on plans to turn Navi into a bank, suggesting that the idea may be revisited in the future.

Sachin Bansal’s Navi In Talks To Raise Funds At $2 Bn Valuation

Inc42 · 1y ago

Sachin Bansal’s Navi In Talks To Raise Funds At $2 Bn Valuation

Former Flipkart co-founder, Sachin Bansal, is reportedly in talks to raise between $200-$400 million in funding for his startup, Navi Technologies. This investment would value Navi at $2 billion. If successful, it would be the company's first external investment since its inception in 2018. The terms of the investment and Bansal's position on external funding may evolve as negotiations progress. Navi Technologies, which includes Navi Finserv, posted a net profit of INR 172 crore in FY23 and saw operating revenues increase to INR 1,283 crore.

Sachin Bansal’s Navi raises Rs 150 Cr via NCDs

Entrackr

Entrackr · 1y ago

Sachin Bansal’s Navi raises Rs 150 Cr via NCDs

Financial services platform Navi Finserv has raised Rs 150 crore through the issue of non-convertible debentures (NCDs) from six individual investors including top brass of Dadachanji Group. The board at Navi has passed a special resolution to allot 15,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per debenture for a consideration of Rs 150 crore, the company’s regulatory filings with the Registrar of Companies show. Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji invested Rs 110 crore while Rohit Kapadia, Sandhya Kapadia and Yash Kapadia cumulatively invested Rs 40 crore in this debt round. Kairus Shavak is a chairman of Dadachanji Group which owns and operates several companies including Kaisha Packaging and Kaisha Lifesciences and Sovereign Pharma. In February, Navi had said that it plans to raise Rs 600 crore through a public issue of NCDs. As per Navi, the NCDs will be offered with maturities of 18 months, 27 months, and 36 months, with yields ranging from 10.47% to 11.19%. The Sachin Bansal-led firm will use the funds towards lending, financing, loan repayments, and general corporate requirements. The Morning Context report highlighted that Navi turned to crowdfunding a Rs 250-crore fundraise as the firm failed to raise equity capital at a desired valuation. Navi has been raising funds through NCDs in the past couple of years. In May 2022, it raised Rs 600 crore and got Rs 500 crore more in July 2023. Navi filed its draft red herring prospectus (DRHP) in March 2022 with SEBI to raise up to Rs 3,350 crore. However, the firm had to delay the IPO plan citing the market conditions even after receiving approval from the market regulator. The firm also laid off nearly 200 employees after delaying the listing plan. Navi recorded Rs 421.5 crore in revenue from operations for the quarter ending September 2023 or Q2 FY24. As per the company’s unaudited financial statement on its website, it posted a profit of Rs 10.86 crore during the quarter. As per startup data intelligence platform TheKredible, Bansal owns nearly 98% stake in Navi.

Navi to bring a new angle to UPI, says founder Sachin Bansal

The Arc Web

The Arc Web · 1y ago

Navi to bring a new angle to UPI, says founder Sachin Bansal

Navi Technologies, the fintech startup launched by Flipkart's co-founder Sachin Bansal, is planning to launch its unified payments interface (UPI) in the coming months. With dominant players like PhonePe and Google Pay in the UPI market, Navi aims to bring a new angle to UPI, although specific details have not been disclosed. Navi has primarily focused on offering personal loans and has seen significant growth in its loan book over the past 18 months. Bansal also mentioned plans to expand partnerships with financial institutions. Navi is waiting for regulatory approval to reapply for a banking license after selling off its microfinance business.

Navi Group sets the ball rolling for IPO

Economic Times

Economic Times · 5m ago

Navi Group sets the ball rolling for IPO

Navi Group, led by Sachin Bansal, is exploring an Initial Public Offering (IPO), aiming for a launch in the latter half of FY26. The company is in talks with bankers to determine the optimal timing, focusing on expanding and balancing unsecured and secured loan portfolios. With the goal of exceeding ₹50,000 crore in assets under management, Navi Finserv has already achieved significant growth and profitability in its loan segments. The exact details of the IPO are yet to be finalized.

RBI bars Sachin Bansal’s Navi, PE-backed Arohan, DMI Finance from issuing loans

VCCircle

VCCircle · 9m ago

RBI bars Sachin Bansal’s Navi, PE-backed Arohan, DMI Finance from issuing loans

The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs) from issuing loans due to non-compliance with norms. The companies affected are Navi Finserv, Asirvad Micro Finance, Arohan Financial Services, and DMI Finance. Navi Finserv is founded by Sachin Bansal, co-founder of Flipkart, while Arohan is part of Aavishkaar Group and has private equity firms such as Tano Capital and TR Capital as shareholders. The RBI stated that the action was taken due to excessive pricing policies and non-adherence to regulatory guidelines. The restrictions do not prevent the companies from servicing existing customers and conducting recovery processes.

Sachin Bansal’s Navi Technologies set to launch UPI payments

Economic Times

Economic Times · 1y ago

Sachin Bansal’s Navi Technologies set to launch UPI payments

The National Payments Corporation of India (NPCI) has been inducting newer players on to the UPI platform in hope to balance market share of players within the proposed 30% limit. Despite the recent turbulence in Navi with layoffs etc, this might actually set it apart as a striving business unit. Navi is already profitable.

Sachin Bansal's Navi Finserv Seeks To Raise INR 600 Cr

Inc42 · 1y ago

Sachin Bansal's Navi Finserv Seeks To Raise INR 600 Cr

Navi Finserv, a subsidiary of Navi Technologies, plans to raise INR 600 Cr (approximately $80 million) through the issuance of Non-Convertible Debentures (NCDs). The NCDs will have tenors of 18, 27, and 36 months, offering effective yields between 10.47% and 11.19% per annum. The funds raised will be used for lending, financing, loan repayment, and general corporate purposes. This marks the third capital raise through NCDs by Navi Finserv in the past two years. Navi Technologies, co-founded by Sachin Bansal, is an IPO-bound fintech unicorn.

Sachin Bansal’s Navi Finserv Closes $38 Mn Securitisation Deal With JP Morgan

Inc42 · 1y ago

Sachin Bansal’s Navi Finserv Closes $38 Mn Securitisation Deal With JP Morgan

Navi Finserv, a fintech firm, has raised $38 million from JP Morgan by securitizing personal loans. The funds will be used to expand its operations and grow its digital personal loans business. This follows Navi Finserv's earlier raising of INR 150 crore through bond issuance from investors, including Kairus Shavak Dadachanji, Chairman of Dadachanji Group.

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