Navi Set For Second IPO Attempt, Eyes ₹3,000 Cr Raise

Sachin Bansal-led fintech firm Navi is gearing up to formally launch its initial public offering (IPO) process in India, targeting a fundraise of up to ₹3,000 crore, news agency Bloomberg reported.

Four banks, JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan, have been brought on board to steer the share sale, the report added.

Unlike offerings that mix fresh capital with an exit route for early backers, Navi's IPO will involve only new shares being issued, with current shareholders not selling any stake, according to the report. The company is hoping to be valued at close to $2 billion and plans to submit its draft prospectus by December, Bloomberg reported, though the numbers and timeline could still shift as talks continue.

Navi is among several Indian financial firms lining up public listings this year, a list that includes Muthoot Fincorp, Truhome Finance, InCred Holdings, Moneyview and Hero FinCorp. IPO fundraising in India has touched roughly $7 billion so far this year, well short of the $22.3 billion raised through all of 2025, Bloomberg's data showed.

Company Had Shelved Listing Plans Earlier

This will not be Navi's maiden attempt at going public. Back in March 2022, it had filed papers for a share sale worth up to ₹3,350 croreand secured the go-ahead from regulators by September that year, but chose to put those plans on hold as investor appetite weakened both in India and globally.

The company runs a mix of financial businesses covering loans, mutual funds, health cover and UPI-based payments. Bansal started Navi after parting ways with Flipkart in 2018, the same year Walmart bought the e-commerce company for $16 billion.