Navi Group, the non-banking financial company (NBFC) led by Flipkart co-founder Sachin Bansal, is preparing for an Initial Public Offering (IPO) in the second half of FY26. The company has initiated discussions with merchant bankers to determine the optimal timing for its market debut, The Economic Times reported.
In an interview with ET, Bansal stated that Navi is strategically positioned for a public listing while specifics on dilution and valuation are yet to be finalised. “We want to go public, and we’re in talks with bankers to figure out the right moment,” Bansal said. “The business is in good shape, and although I can’t give a specific timeline, we are actively considering it.”
This is not Navi’s first attempt at an IPO. The company secured approval from the Securities and Exchange Board of India (SEBI) for a ₹3,350-crore public offering in September 2022 but decided not to proceed at the time.
Navi Finserv, the group’s lending arm, is currently focusing on creating a balanced loan book. The company aims to achieve a 50-50 mix of secured and unsecured loans within the next three to five years. “Unsecured loans work at a small scale, but as we expand, we need more secured loans for stability and reduced funding costs,” Bansal explained.
The company has already achieved break-even in its home loan segment and is looking to further expand into retail and MSME lending.
Navi Finserv reported a loan book of ₹7,700 crore as of December 2024, with a net profit of ₹192 crore between April and December 2024. Its total income during this period stood at ₹1,770 crore, while its gross non-performing asset (NPA) ratio was 2.47%.
Looking ahead, Bansal envisions Navi as a top-tier non-bank lender with assets under management (AUM) exceeding ₹50,000 crore. “Our mission is enormous, and we’ve only scratched the surface. There’s a long road ahead in solving financial challenges,” he said.
In a recent management reshuffle, Navi Group appointed Rajiv Naresh as CEO of Navi Technologies Limited and Abhishek Dwivedi as CEO of Navi Finserv Limited (NFL). Meanwhile, Bansal has assumed the role of Executive Chairman of the Navi Group.