Navi
IndustryFinance
FoundedDecember 2018
FounderSachin Bansal, Ankit Agarwal
HeadquartersBangalore, Karnataka, India
Area served
India
ServicesFinancial Services, Mutual Fund, Health Insurance
Websitehttps://navi.com/

Navi is an Indian financial services company founded by Sachin Bansal[1] and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans,[2] mutual funds, health insurance , digital gold and micro-loans.[3] It currently has $100 million in revenue with $10 million in profit.

History

In December 2018, Sachin Bansal, after his exit from Flipkart, along with IIT-Delhi batch mate Ankit Agarwal,[4] founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited.[5] The company has its headquarters in Bengaluru.[6]

Navi acquired consulting firm MavenHive in 2019, in order to boost product development.[7] The company operates from office in Bengaluru’s Koramangala area.[4][8]

On 12 March 2022 Navi filed a draft for an INR 3350 crore IPO.[9]

Subsidiaries

Navi Technologies is the holding company and the subsidiaries are structured as[10][11]

  • Navi Finserv – Personal loan
  • Navi General Insurance – Health Insurance and others

In October 2019, Navi acquired Bengaluru based NBFC Chaitanya Rural Intermediation Development Services Private Limited (CRIDS) along with its wholly owned microfinance-NBFC Chaitanya India Private Limited (CIPL). CRIDS was later renamed as Navi Finserv Private Limited.[12][13]

Navi launched a lending app for instant personal loans in June 2020,[14][15]Karnataka.[16][17][18] CRISIL assigned a credit rating of A− (A minus) to the company’s borrowcare.[19]

Navi acquired Essel Mutual Fund, which was given approval by SEBI in December 2020.[20] In May 2021, Navi Mutual Fund moved their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company.[21][22]

The company acquired DHFL General Insurance in January 2020 and renamed as Navi General Insurance Limited.[23][24] It launched Navi Health, a ‘2-Minute’ online retail health insurance product, in 2021.[25][26]


ICRA assigned a credit rating of A+ (A minus) to the company’s borrowings.[27][28][29]

In August 2023, it was announced Navi Group had sold Chaitanya Microfinance to the Mumbai-headquartered microfinance company, Svatantra Microfin for $178.5 million.[30]

References

  1. "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. PTI. 23 July 2020. Retrieved 26 November 2022.
  2. "Navi Finserv to Launch Hassle-Free Retail Home Loans via Navi App in Hyderabad". Retrieved 28 August 2021.
  3. "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. Retrieved 28 August 2021.
  4. 1 2 "Sachin Bansal Is Hiring! Navi Technologies Eyes 10-fold Increase In Recruitment In 2021". Moneycontrol. Retrieved 29 July 2021.
  5. "Flipkart cofounder Sachin Bansal buys DHFL General Insurance in distress sale". www.timesnownews.com. Retrieved 4 July 2021.
  6. Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 4 July 2021.
  7. Vankipuram, Meera (26 December 2019). "Sachin Bansal's Navi acquires MavenHive". mint. Retrieved 28 July 2021.
  8. Nandy, Madhurima (21 April 2021). "Sachin Bansal's new startup just leased a 100k sq ft office space". mint. Retrieved 29 July 2021.
  9. "Key takeaways from Navi's DRHP to raise Rs 3,350 crore". Asian News. 12 March 2022. Retrieved 15 March 2022.
  10. "[What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance". Inc42 Media. 12 November 2020. Retrieved 28 August 2021.
  11. Navi Technologies Limited - DRHP.pdf (icicisecurities.com)
  12. Network, BFSI (30 September 2019). "Sachin Bansal acquires Chaitanya Rural, becomes CEO". BFSI. Retrieved 9 August 2021.
  13. "Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO". Inc42 Media. 27 November 2019. Retrieved 9 August 2021.
  14. S.H, Salman (24 June 2020). "Sachin Bansal's Navi launches new instant lending app with paperless KYC". mint. Retrieved 9 August 2021.
  15. vardhan, Jai; Upadhyay, Harsh (1 May 2020). "Exclusive: Sachin Bansal's Navi launches app for personal loan". Entrackr. Retrieved 9 August 2021.
  16. "Navi Finserv to offer home loans in Hyderabad". @businessline. Retrieved 9 August 2021.
  17. Bureau, N. T. (21 May 2021). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 9 August 2021.
  18. Bureau, N. T. (21 May 2021). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 11 August 2021.
  19. "Rating Rationale". www.crisil.com. Retrieved 9 August 2021.
  20. "SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund". Moneycontrol. Retrieved 2 August 2021.
  21. Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 2 August 2021.
  22. Bureau, BW Online. "Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds". BW Disrupt. Retrieved 2 August 2021.
  23. "Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore". Business Today. Retrieved 23 August 2021.
  24. Sharma, Samidha; Das, Saikat. "Sachin Bansal buys DHFL General Insurance". The Economic Times. Retrieved 23 August 2021.
  25. "Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App". The Week. Retrieved 23 August 2021.
  26. Bureau, N. T. (16 February 2021). "Navi launches '2-minutes' online health insurance". News Today | First with the news. Retrieved 23 August 2021.
  27. Staff Writer (2 June 2021). "India Ratings gives 'A' rtg to Sachin Bansal's Navi Group owned Chaitanya India". mint. Retrieved 27 August 2021.
  28. "Sachin Bansal's Navi group credit finance company gets stable rating for Rs 500 crore debt". The Economic Times. Retrieved 27 August 2021.
  29. ICRA (2 February 2021). "ICRA Rationale Report". ICRA Report.
  30. Singh, Manish (8 August 2023). "Sachin Bansal sells Navi's microfinancing unit for $178.5 million". TechCrunch. Retrieved 10 August 2023.
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