According to reports from Bloomberg, fintech startup Navi Ltd. is preparing to formally launch its initial public offering in India, seeking to raise as much as ₹3,000 crore ($314 million). The company has appointed a prestigious advisory team including JM Financial Ltd., Kotak Mahindra Capital Co., Goldman Sachs Group, Inc. and JPMorgan & Chase & Co. as advisers for the offering. The IPO is expected to comprise a primary share sale, with no secondary offering by existing shareholders, as reported by people familiar with the matter.
As reported by Bloomberg, Navi is seeking a valuation of as much as $2 billion and is targeting to file the prospectus by December. The company, founded by former Flipkart co-founder Sachin Bansal, has previously filed a draft prospectus in March 2022 for an IPO of as much as ₹3,350 crore and received regulatory approval in September that year. However, it later deferred the offering amid subdued investor sentiment stemming from domestic and global headwinds. These details are still under discussion and could change as talks continue.
According to Bloomberg, Navi joins a growing roster of Indian financial-services firms preparing to tap the equity markets in the coming months, including Muthoot Fincorp Ltd., Truhome Finance Ltd., InCred Holdings Ltd., Moneyview Ltd. and Hero FinCorp Ltd. Companies have raised about $7 billion through IPOs in India so far this year, compared with $22.3 billion in all of 2025, as reported by Bloomberg data. Deliberations are ongoing and details including the size, valuation and timing of the IPO could change, the people said.
As reported by Bloomberg, Navi is a diversified financial-services company with businesses spanning lending, mutual funds, health insurance and UPI payments. Bansal founded the company after leaving Flipkart in 2018 following Walmart Inc.'s $16 billion acquisition of the Indian e-commerce company. Representatives for Navi and the banks didn't immediately respond to requests for comment regarding the IPO preparations.
