Fintech Firm Navi Plans IPO Filing by Fiscal Year-End, In Talks for Equity Funding

Fintech company Navi is preparing to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) by the March quarter of the current financial year, signaling a significant step towards a public listing.

The planned IPO is expected to include both a fresh issue of shares and an offer for sale by existing shareholders, though the final allocation is yet to be determined. Prior to the public offering, Navi is reportedly in discussions to raise a new round of equity funding. According to sources, investment firm Prosus is likely to lead this round, marking the first external capital infusion into the company's lending platform.

Negotiations have reportedly encountered some valuation disagreements. Prosus is said to be willing to invest at a valuation of approximately ₹13,000 crore (around $1.4 billion), which is lower than earlier estimates. Previous reports indicated Navi was aiming for a valuation between $1.8 billion and $2 billion for the fundraising.

Founded in 2018 by Flipkart co-founder Sachin Bansal, Navi offers a suite of financial technology services. This marks Navi's second attempt at a public listing; a previous IPO filing in 2022 was withdrawn due to unfavorable market conditions for tech valuations at the time.

Financially, Navi's NBFC arm saw a 46% year-on-year decline in net profit for FY26, although operating revenue increased by 17%. The company's push for an IPO continues despite past market-related setbacks.