Sachin Bansal’s Navi Secures Banks for $315m IPO, Four Years After Initial Stalled Attempt
A Flipkart billionaire’s second act is finally heading for the public markets, into a hot but crowded Indian fintech scene, with regulatory hurdles and financial swings as caveats.
August 13, 2026
Credit: Sachin Bansal
Navi, the Indian fintech founded by Flipkart co-founder Sachin Bansal, has hired banks for an initial public offering (IPO) of approximately $315 million, according to a Bloomberg report. This is the clearest sign yet that Bansal’s second venture is poised for market entry, four years after his first attempt stalled quietly.
The reported fundraising figure comes with translation nuances: while Bloomberg estimates a raise of roughly $315 million, Indian reporting frames it as Rs 2,700 to 3,000 crore, encompassing both fresh shares and an offer for sale by existing backers. Kotak Investment Banking is leading the issue, with a filing expected in the January-to-March quarter of 2027.
The timing is significant. Navi aims to list as global fintech IPO activity revives, with lenders, marketplaces, and payment firms competing for limited public market capital.
Navi Ltd, established in 2018 and formerly Navi Technologies, has evolved into a comprehensive financial supermarket offering personal, home, and property-backed loans, health insurance, mutual funds, and UPI payments. Bansal serves as chairman and executive director, while Rajiv Naresh is the CEO of Navi Ltd, and Abhishek Dwivedi leads the NBFC arm, Navi Finserv.
The founder’s journey reflects a common Indian tech narrative. Bansal sold Flipkart to Walmart in 2018 for one of the country’s largest exits, investing much of his fortune into Navi with the vision of revolutionizing banking akin to Flipkart’s impact on retail.
Navi previously attempted an IPO in 2022, securing regulatory approval from SEBI but ultimately shelving the plan as tech stocks faced a downturn. The company’s decision to try again suggests a shift in market sentiment or Bansal’s confidence in navigating challenging conditions.
Pre-IPO backing is evident, with Dutch investor Prosus reportedly prepared to back Navi at a valuation of around Rs 13,000 crore, and negotiations underway for a first external equity round. However, consumer fintech valuations have proven volatile, with even well-funded neobanks facing scrutiny as sentiment shifts.
Navi’s financial performance is equally complex. The company reported a profit of Rs 358.5 crore in the year ending March 2024, followed by a loss of Rs 119.3 crore in the subsequent year, prompting potential investors to scrutinize its trajectory during an IPO roadshow.
Regulatory challenges further complicate Navi’s path. In October 2024, the Reserve Bank of India temporarily barred Navi Finserv from disbursing new loans due to pricing concerns, which were resolved by December after the company addressed the issues. This episode highlights the potential for swift regulatory interventions that can impact a lender’s core operations.
Navi navigates a competitive landscape—India’s digital lending market is saturated with rivals—and an increasingly crowded fintech scene globally, where even top neobanks like Revolut are vying for licenses and eye-catching valuations to stand out.