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 UPI.[3]
History
In December 2018, Sachin Bansal, after his exit from Flipkart, along with IIT-Delhi batch mate Ankit Agarwal, founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited.[4] The company has its headquarters in Bengaluru.[5]
Navi acquired the consulting firm MavenHive in 2019 to support its product development efforts.[6] The company operates from an office in Bengaluru's Ibbaluru, Bellandur area.[7][8]
In August 2023, it was announced Navi Group had sold Chaitanya Microfinance to the Mumbai-headquartered microfinance company, Svatantra Microfin for $178.5 million.
On 12 March 2022 Navi filed a draft for an INR 3350 crore IPO.[9]
The RBI barred NBFC Navi from issuing new loans starting 21 October 2024, citing excessive lending rates and regulatory non-compliance.[10] The restrictions were lifted in December 2024.[11]
Subsidiaries
Navi Technologies is the holding company and the subsidiaries are structured as[12][13]
- Navi Finserv
- Navi General Insurance
- Navi AMC
Navi Finserv
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.[14][15]
Navi launched a lending app for instant personal loans in June 2020,[16][17] in Karnataka.[18][19][20] Both CRISIL and India Ratings assigned a credit rating of A ‘Stable’ to the company's borrowings. Further loan disbursement by Navi finserv has been effectively banned by RBI since Oct 21, 2024 due to compliance issues
Navi acquired Essel Mutual Fund, which was given approval by SEBI in December 2020.[21] In May 2021, Navi Mutual Fund moved their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company.[22][23]
Navi General Insurance
The company acquired DHFL General Insurance in January 2020 and renamed as Navi General Insurance Limited.[24][25] It launched Navi Health, a ‘2-Minute’ online retail health insurance product, in 2021.[26][27]
See also
External links
References
- Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal The Economic Times, 23 July 2020, retrieved 2022-11-26^
- Navi Finserv to Launch Hassle-Free Retail Home Loans via Navi App in Hyderabad 10 May 2021, retrieved 2021-08-28^
- Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal The Economic Times, retrieved 2021-08-28^
- Flipkart cofounder Sachin Bansal buys DHFL General Insurance in distress sale www.timesnownews.com, 10 January 2020, retrieved 2021-07-04^
- Neil Borate. Flipkart co founder Sachin Bansal's Navi MF to launch passive funds mint, 14 May 2021, retrieved 2021-07-04^
- Meera Vankipuram. Sachin Bansal's Navi acquires MavenHive mint, 2019-12-26, retrieved 2021-07-28^
- Sachin Bansal Is Hiring! Navi Technologies Eyes 10-fold Increase In Recruitment In 2021 Moneycontrol, retrieved 2021-07-29^
- Madhurima Nandy. Sachin Bansal's new startup just leased a 100k sq ft office space mint, 2021-04-21, retrieved 2021-07-29^
- Key takeaways from Navi's DRHP to raise Rs 3,350 crore Asian News, 12 March 2022, retrieved 15 March 2022^
- RBI Halts Navi's Loan Sanctions and Disbursements^
- RBI Removes Supervisory Curbs on Sachin Bansal's Navi Finserv^
- [What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance Inc42 Media, 2020-11-12, retrieved 2021-08-28^
- Navi Technologies Limited - DRHP.pdf (icicisecurities.com)^
- BFSI Network. Sachin Bansal acquires Chaitanya Rural, becomes CEO BFSI, 2019-09-30, retrieved 2021-08-09^
- Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO Inc42 Media, 2019-11-27, retrieved 2021-08-09^
- Salman S.H. Sachin Bansal's Navi launches new instant lending app with paperless KYC mint, 2020-06-24, retrieved 2021-08-09^
- Jai vardhan, Harsh Upadhyay. Exclusive: Sachin Bansal's Navi launches app for personal loan Entrackr, 2020-05-01, retrieved 2021-08-09^
- Navi Finserv to offer home loans in Hyderabad @businessline, 9 May 2021, retrieved 2021-08-09^
- Navi Finserv to launch app-based retail loans News Today, 2021-05-21, retrieved 2021-08-09^
- Navi Finserv to launch app-based retail loans News Today, 2021-05-21, retrieved 2021-08-11^
- SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund Moneycontrol, retrieved 2021-08-02^
- Neil Borate. Flipkart co founder Sachin Bansal's Navi MF to launch passive funds mint, 2021-05-14, retrieved 2021-08-02^
- Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds BW Disrupt, retrieved 2021-08-02^
- Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore Business Today, 10 January 2020, retrieved 2021-08-23^
- Samidha Sharma, Saikat Das. Sachin Bansal buys DHFL General Insurance The Economic Times, retrieved 2021-08-23^
- Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App The Week, retrieved 2021-08-23^
- Navi launches '2-minutes' online health insurance News Today, 2021-02-16, retrieved 2021-08-23^