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Navi Group

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Navi
IndustryFinance
FoundedDecember 2018
FounderSachin Bansal, Ankit Agarwal
HeadquartersBangalore, Karnataka, India
Area served
India
ServicesFinancial Services, Mutual Fund, Health Insurance
Websitehttps://navi.com/

Navi is an Indian financial services company founded by Sachin Bansal[1] and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans,[2] mutual funds, health insurance , digital gold and micro-loans.[3] It currently has $100 million in revenue with $10 million in profit.

History[edit]

In December 2018, Sachin Bansal, after his exit from Flipkart, along with IIT-Delhi batch mate Ankit Agarwal,[4] founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited.[5] The company has its headquarters in Bengaluru.[6]

Navi acquired consulting firm MavenHive in 2019, in order to boost product development.[7] The company operates from office in Bengaluru’s Koramangala area.[4][8]

On 12 March 2022 Navi filed a draft for an INR 3350 crore IPO.[9]

Subsidiaries[edit]

Navi Technologies is the holding company and the subsidiaries are structured as[10][11]

  • Navi Finserv – Personal loan
  • Navi General Insurance – Health Insurance and others

Navi Finserv[edit]

In October 2019, Navi acquired Bengaluru based NBFC Chaitanya Rural Intermediation Development Services Private Limited (CRIDS) along with its wholly owned microfinance-NBFC Chaitanya India Private Limited (CIPL). CRIDS was later renamed as Navi Finserv Private Limited.[12][13]

Navi launched a lending app for instant personal loans in June 2020,[14][15] in Karnataka.[16][17][18] CRISIL assigned a credit rating of A− (A minus) to the company’s borrowcare.[19]

Navi Mutual Fund[edit]

Navi acquired Essel Mutual Fund, which was given approval by SEBI in December 2020.[20] In May 2021, Navi Mutual Fund moved their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company.[21][22]

Navi General Insurance[edit]

The company acquired DHFL General Insurance in January 2020 and renamed as Navi General Insurance Limited.[23][24] It launched Navi Health, a ‘2-Minute’ online retail health insurance product, in 2021.[25][26]

ICRA assigned a credit rating of A+ (A minus) to the company’s borrowings.[27][28][29]

In August 2023, it was announced Navi Group had sold Chaitanya Microfinance to the Mumbai-headquartered microfinance company, Svatantra Microfin for $178.5 million.[30]

References[edit]

  1. ^ "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. PTI. 23 July 2020. Retrieved 26 November 2022.
  2. ^ "Navi Finserv to Launch Hassle-Free Retail Home Loans via Navi App in Hyderabad". Retrieved 28 August 2021.
  3. ^ "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. Retrieved 28 August 2021.
  4. ^ a b "Sachin Bansal Is Hiring! Navi Technologies Eyes 10-fold Increase In Recruitment In 2021". Moneycontrol. Retrieved 29 July 2021.
  5. ^ "Flipkart cofounder Sachin Bansal buys DHFL General Insurance in distress sale". www.timesnownews.com. Retrieved 4 July 2021.
  6. ^ Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 4 July 2021.
  7. ^ Vankipuram, Meera (26 December 2019). "Sachin Bansal's Navi acquires MavenHive". mint. Retrieved 28 July 2021.
  8. ^ Nandy, Madhurima (21 April 2021). "Sachin Bansal's new startup just leased a 100k sq ft office space". mint. Retrieved 29 July 2021.
  9. ^ "Key takeaways from Navi's DRHP to raise Rs 3,350 crore". Asian News. 12 March 2022. Retrieved 15 March 2022.
  10. ^ "[What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance". Inc42 Media. 12 November 2020. Retrieved 28 August 2021.
  11. ^ Navi Technologies Limited - DRHP.pdf (icicisecurities.com)
  12. ^ Network, BFSI (30 September 2019). "Sachin Bansal acquires Chaitanya Rural, becomes CEO". BFSI. Retrieved 9 August 2021.
  13. ^ "Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO". Inc42 Media. 27 November 2019. Retrieved 9 August 2021.
  14. ^ S.H, Salman (24 June 2020). "Sachin Bansal's Navi launches new instant lending app with paperless KYC". mint. Retrieved 9 August 2021.
  15. ^ vardhan, Jai; Upadhyay, Harsh (1 May 2020). "Exclusive: Sachin Bansal's Navi launches app for personal loan". Entrackr. Retrieved 9 August 2021.
  16. ^ "Navi Finserv to offer home loans in Hyderabad". @businessline. Retrieved 9 August 2021.
  17. ^ Bureau, N. T. (21 May 2021). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 9 August 2021.
  18. ^ Bureau, N. T. (21 May 2021). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 11 August 2021.
  19. ^ "Rating Rationale". www.crisil.com. Retrieved 9 August 2021.
  20. ^ "SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund". Moneycontrol. Retrieved 2 August 2021.
  21. ^ Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 2 August 2021.
  22. ^ Bureau, BW Online. "Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds". BW Disrupt. Retrieved 2 August 2021.
  23. ^ "Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore". Business Today. Retrieved 23 August 2021.
  24. ^ Sharma, Samidha; Das, Saikat. "Sachin Bansal buys DHFL General Insurance". The Economic Times. Retrieved 23 August 2021.
  25. ^ "Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App". The Week. Retrieved 23 August 2021.
  26. ^ Bureau, N. T. (16 February 2021). "Navi launches '2-minutes' online health insurance". News Today | First with the news. Retrieved 23 August 2021.
  27. ^ Staff Writer (2 June 2021). "India Ratings gives 'A' rtg to Sachin Bansal's Navi Group owned Chaitanya India". mint. Retrieved 27 August 2021.
  28. ^ "Sachin Bansal's Navi group credit finance company gets stable rating for Rs 500 crore debt". The Economic Times. Retrieved 27 August 2021.
  29. ^ ICRA (2 February 2021). "ICRA Rationale Report". ICRA Report.
  30. ^ Singh, Manish (8 August 2023). "Sachin Bansal sells Navi's microfinancing unit for $178.5 million". TechCrunch. Retrieved 10 August 2023.

External links[edit]

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