Navi Technologies intends to seek Rs 4,000 crore in fresh capital via an IPO. According to a report by PTI, the company is planning to file its draft red herring prospectus with market regulator SEBI this week.
Navi Tech is a financial products and services firm that is fueled by technology. Personal loans, mortgages, general insurance, and mutual funds are among its most important offerings.
Since its establishment in 2018, the firm has attempted to disrupt the industries in which it works using a digital-first strategy. For example, it has created exchange-traded funds (ETFs) with the lowest cost structure in the MF industry. In the case of personal loans, it provides loans of up to Rs 20 lakh quickly and totally paperlessly.
Navi bought Chaitanya India Fin Credit for Rs 739 crore in 2019 and joined the microfinance market. Chaitanya also applied to the Reserve Bank of India for a universal banking license (RBI). The size of Navi’s loan book is around Rs 3,500 crore.
In 2021, Navi MF purchased Essel MF’s assets. According to data from the Association of Mutual Funds in India (AMFI), Navi MF had Rs 930 crore in assets as of the December quarter. In FY21, the firm became profitable, with a net profit of Rs 71 crore on a total income of Rs 780 crore and an expense of Rs 673 crore.
