Fintech startup Navi Ltd., founded by former Flipkart co-founder Sachin Bansal, is preparing to formally begin the process for an initial public offering (IPO) in India. The company is considering raising as much as ₹30 billion, or around $314 million, through the proposed issue, according to people familiar with the matter.
Navi has appointed JM Financial Ltd., Kotak Mahindra Capital Co., Goldman Sachs Group and JPMorgan Chase & Co. as advisers for the potential IPO. The company is targeting a valuation of up to $2 billion, while the prospectus could be filed by December, the people said.
In this article, we will delve into Navi’s upcoming IPO, its fundraising plans, targeted valuation, financial-services businesses, previous IPO attempt, and growing presence in India’s fintech sector.
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Navi Plans Fresh Share Sale
The proposed IPO is expected to consist entirely of a primary share sale, meaning existing shareholders are not currently planning to sell their holdings through an offer for sale. The fresh capital would therefore go directly to Navi and could support the company’s expansion across its financial-services businesses.
However, discussions are still underway, and the final issue size, valuation and timeline could change depending on market conditions and regulatory developments. Navi and the investment banks involved did not immediately respond to requests for comment.
The potential IPO comes as Indian financial-services companies increasingly turn to public markets to raise capital and provide investors with exposure to the country’s rapidly expanding financial technology sector.
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Navi Revives Earlier IPO Plans
This is not Navi’s first attempt to enter the public markets. The company had previously filed a draft red herring prospectus in March 2022, proposing an IPO of up to ₹33.5 billion. It received regulatory approval for the offering in September that year.
The company subsequently deferred the IPO as investor sentiment weakened amid challenging domestic and global market conditions. The renewed plan highlights the improvement in India’s equity markets and the growing appetite for financial-services companies.
Navi’s proposed offering could also provide an important test of investor interest in a fintech business with a diversified financial-services model.
Bansal’s Post-Flipkart Venture
Bansal founded Navi after leaving Flipkart in 2018, following Walmart’s $16 billion acquisition of the Indian e-commerce giant. Since then, Navi has expanded beyond its original lending operations to build a broader financial-services platform.
The company currently operates across several areas, including digital lending, mutual funds, health insurance and UPI payments. Its diversified portfolio allows Navi to target customers across multiple segments of India’s rapidly digitizing financial ecosystem.
The company’s lending business remains an important part of its operations, while its expansion into insurance, investments and digital payments reflects the broader strategy adopted by several Indian fintech companies.
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Indian IPO Market Remains Active
Navi’s IPO preparations come during an active period for India’s primary market. Several financial-services companies are also considering or preparing public offerings, including Muthoot Fincorp, Truhome Finance, InCred Holdings, Moneyview and Hero FinCorp.
Indian companies have raised around $7 billion through IPOs so far this year, compared with $22.3 billion raised during the whole of 2025, according to Bloomberg data cited in the report.
If Navi proceeds with its proposed offering, it could become one of the notable fintech IPOs in India’s current fundraising cycle. The company’s ability to secure a valuation of up to $2 billion will depend heavily on investor appetite, profitability expectations and broader market conditions.
For Navi, the IPO would mark a significant milestone in its evolution from a startup founded by a Flipkart veteran into a diversified financial-services company. The coming months will determine whether the company can successfully translate its renewed public-market ambitions into a listing.
