Navi, the fintech founded by Flipkart co-founder Sachin Bansal, is eyeing a $2 billion valuation in its upcoming Indian public offering, signalling a significant milestone for the company amid India’s evolving digital financial sector.
Navi is preparing to return to India’s public markets with an initial share sale that could value the fintech group at as much as $2 billion, according to Bloomberg. The company is said to be targeting proceeds of up to 30 billion rupees, or about $315 million, with a prospectus filing expected by December, although the timing and structure remain subject to change.
The planned offering would mark a new chapter for a business built by Sachin Bansal, who co-founded Flipkart before its sale to Walmart in 2018. Navi’s website says its aim is to make financial products and services simple, affordable and accessible for a billion Indians, and its operations now span lending, mutual funds, health insurance and UPI payments.
Navi’s path to listing has already been long. Bloomberg reported that the company won regulatory approval for an IPO in September 2022 after filing draft papers in March that year, but later delayed the plan as market sentiment weakened amid domestic and global pressures.
The renewed listing effort comes against the backdrop of a broader reshaping of India’s digital commerce and financial landscape. Walmart’s purchase of a 77% stake in Flipkart for $16 billion in 2018 was one of the biggest deals in Indian e-commerce, and in 2023 Walmart bought out remaining investors including Tiger Global, valuing Flipkart at $35 billion as it prepared for a possible flotation, according to Business Standard.
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