Sachin Bansal’s fintech company Navi Technologies is pushing ahead with plans to file a fresh Draft Red Herring Prospectus (DRHP) with SEBI and target a ₹3,000 crore IPO by March 2027, according to a report by NewsBytesApp. The move marks the company’s third serious attempt at a public listing, having first filed a DRHP in March 2022 for a ₹3,350 crore raise, an issue SEBI approved in September 2022 but never proceeded with due to weak market conditions. A second attempt was also quietly shelved. Now, with the RBI’s loan disbursement ban lifted, leadership restructured, and capital raised at scale, Bansal appears ready to make the listing happen before the end of FY27.
Navi was created in 2018 by Sachin Bansal, who co-founded and expanded Flipkart before selling it to Walmart, and Ankit Agarwal, an IIT-Delhi alumnus with experience in global investment banking. Bansal has committed approximately $400 million of his own money in Navi, making it one of the most significant single-founder financial investments in Indian startup history. He owns almost 97% of the corporation. Through subsidiaries such as Navi Finserv, Navi General Insurance, and Navi AMC, the group provides personal loans, home loans, health insurance, general insurance, mutual funds, and UPI payments, positioning itself as a full-stack, tech-first financial services platform aimed at digitally connected Indians in Tier 1 cities and beyond.
“Sachin Bansal-led Navi Technologies is targeting a public listing in FY26, with the company in early discussions with merchant bankers for its IPO. Bansal says Navi now has 20 Mn monthly active users and is ready for public markets.”~Inc42
RBI Restrictions, Leadership Overhaul and a ₹16,000 Crore Capital Raise Set the Stage:
The road to this IPO has not been smooth. In October 2024, the Reserve Bank of India imposed restrictions on Navi Finserv, barring it from disbursing new loans over non-compliance issues, including concerns about excessive lending rates. The prohibition halted the company’s primary operations and created severe concerns about its IPO timeline. After several rounds of review, the RBI withdrew the limits in December 2024, paving the path for Navi to restart its development engine. Around the same time, the company saw a significant leadership restructuring: Bansal stepped down as CEO of Navi Technologies and Navi Finserv, becoming Executive Chairman, with Rajiv Naresh taking over as CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv.
The capital position has been substantially strengthened in the run-up to the IPO. Since April 2025, Navi has raised close to ₹16,000 crore across debt and equity instruments including non-convertible debentures, commercial papers, and bank loans making it one of the most well-capitalised fintechs in India ahead of a listing. The company has also made significant strides on the technology side, deploying a proprietary AI infrastructure that brings loan approval-to-disbursement time down to under 4.5 minutes for millions of users. Most of its customer support is now run on GenAI, according to Bansal himself, who spoke about the company’s AI-first approach at Startup Mahakumbh earlier this year.
“Navi Technologies’ Sachin Bansal says the company is considering an IPO, confirming it is in discussions with bankers. The fintech has 20 million monthly active users and operates across lending, insurance and mutual funds.”~ET Now
What the Fresh IPO Will Fund And Why Timing Matters Now:
The fresh DRHP, once filed, is expected to target a raise of approximately ₹3,000 crore through a fresh issue of equity shares with no offer for sale by existing shareholders meaning Bansal is not planning to sell any of his own stake. This structure is consistent with earlier filings and signals that the capital is going straight into the business rather than providing an exit for promoters. Proceeds are expected to be deployed primarily to scale Navi Finserv’s lending book and Navi General Insurance’s capital base, both of which need headroom to grow in a competitive market. Speaking at Startup Mahakumbh, Bansal framed the rationale plainly: “We are at a stage where we can use more capital and the public market is the best source of capital, I believe, if you can handle what comes with it.”
The March 2027 deadline is not arbitrary. India’s IPO market has been running at a strong clip, with investor appetite for profitable, tech-led financial services companies remaining robust. Navi Finserv’s consolidated operating revenue stood at ₹1,906.2 crore in FY24, and the company turned profitable in FY21 relatively rare for a startup of its age and ambition. With 20 million monthly active users, a diversified product mix, and RBI clearances now in hand, the company has a stronger case to present to public market investors than it did in 2022.
“Sachin Bansal’s Navi Technologies is planning to go public. The fintech unicorn is eyeing an IPO after the RBI lifted its loan disbursement ban in December 2024. Navi had previously filed for a ₹3,350 crore IPO in 2022 but withdrew due to poor market conditions.”~Startup Talky
Third Time Lucky? What Makes This Attempt Different From the Previous Two:
Given Navi’s track record, the key concern about this IPO is whether it will truly succeed. The 2022 filing was withdrawn without being launched. A subsequent push was likewise discreetly cancelled. What makes this time distinct is the mix of regulatory clearance, a rebuilt leadership team, a much larger and more diverse financial base, and Bansal’s renewed public commitment. His comments at Startup Mahakumbh in April 2025, in which he stated that Navi was aiming for an FY26 offering, were the clearest indication yet that the IPO was back on the table in a serious way. The March 2027 aim, as stated, expands that window by a quarter, implying a more measured and careful approach to market timing.
The fintech landscape has also matured since 2022. Regulatory frameworks around digital lending are clearer, investor familiarity with the sector is higher, and Navi’s track record including its recovery from the RBI ban shows operational and compliance resilience that the earlier DRHP could not point to. If the fresh filing goes through without fresh regulatory complications, Navi could become one of the most closely watched fintech listings of FY27.
“Sachin Bansal’s Navi Technologies plans fresh IPO push. The Bengaluru-based fintech, which had SEBI approval for a ₹3,350 crore IPO in 2022 but never launched it, is now targeting a new listing by March 2027 with a fresh DRHP filing.”~The Economic Times
