Other Private Equity/Strategic Investments
Sachin Bansal-promoted Navi Tech planning Rs.670-Cr pre-IPO round
Navi Technologies, the fintech firm promoted by Flipkart co-founder Sachin Bansal, is considering a pre-IPO placement of up to INR 670 crore. The company's prospectus for a INR 3,350 crore IPO, through fresh issuance of shares, has been cleared by SEBI. Navi Finserv's business includes home and microfinance lending operations and its total assets under management from lending stood at INR 7,076.5 crore for the June quarter. The company claims that nearly 40% of those availing of a loan on the platform are repeat customers. The funds from the IPO will be used to invest across subsidiaries, Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL), and for general corporate purposes. The company had said it would invest INR 2,370 crore in its non-bank Navi Finserv and INR 150 crore in its general insurance business.
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