Sachin Bansal’s fintech company Navi Limited 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 company first filed a DRHP in March 2022 for a ₹3,350 crore raise which SEBI approved in September 2022 but never proceeded with due to weak market conditions at the time. Now, with stronger financials, a restructured leadership team, and significant capital raised, Bansal appears ready to make the listing happen before the end of FY27.
Navi Limited was founded in 2018 by Sachin Bansal who previously co-founded and scaled Flipkart before selling it to Walmart and Ankit Agarwal, an IIT-Delhi alumnus with a background in global investment banking. Bansal has invested nearly $400 million of his own money into Navi, making it one of the largest single-founder capital infusions in Indian startup history. He holds over 97% of the company. The group operates across personal loans, home loans, health insurance, general insurance, mutual funds, and UPI payments through subsidiaries including Navi Finserv, Navi General Insurance, and Navi AMC positioning itself as a full-stack, tech-first financial services platform targeting digitally connected Indians in Tier-1 cities and beyond.
“Sachin Bansal-led Navi 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:
n October 2024, the Reserve Bank of India imposed a roughly 45-day restriction on Navi Finserv, temporarily barring it from disbursing new loans over non-compliance concerns including excessive lending rates. The restriction was lifted within approximately 45 days well before the current IPO push and has since been resolved. It is not a current constraint on the business. Around the same period, the company went through a significant leadership evolution: Sachin Bansal transitioned from the CEO role into a broader strategic and long-term institutional leadership position as Executive Chairman, with Rajiv Naresh appointed as CEO of Navi Limited and Abhishek Dwivedi as CEO of Navi Finserv. The move was designed to build a more robust institutional leadership structure to support the company’s next phase of growth, including its public market ambitions.
The capital situation has significantly improved in the run-up to the IPO. Navi Limited has raised almost ₹16,000 crore in debt and equity instruments since April 2025, including non-convertible debentures, commercial papers, and bank loans, making it one of the most well-capitalized fintechs in India prior to IPO. The company has also made substantial technological advances, adopting a proprietary AI infrastructure that reduces loan approval-to-disbursement time to less than 4.5 minutes for millions of customers. Most of its customer service is now powered by GenAI, a direction Bansal has discussed in numerous forums over the last year.
“Navi’s 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 in April 2025, 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 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:
What distinguishes this push from the 2022 filing is the combination of a larger and more diversified capital base, a restructured institutional leadership team, and a renewed public commitment from Bansal across multiple forums. His comments at Startup Mahakumbh in April 2025 where he said Navi was aiming for a listing were the clearest signal yet that the IPO was back on the agenda in a serious way. The March 2027 target as now reported gives the company adequate runway to complete its DRHP filing, go through SEBI’s review process, and time the market carefully.
The fintech landscape has also matured considerably since 2022. Regulatory frameworks around digital lending are clearer, investor familiarity with the sector is higher, and Navi Limited’s track record demonstrates both operational resilience and financial progress. The company has now reported 12 consecutive profitable quarters. If the fresh filing proceeds without complications, Navi Limited could become one of the most closely watched fintech listings of FY27 and a significant milestone for Sachin Bansal’s post-Flipkart chapter.
“Sachin Bansal’s Navi 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
