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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 UPI.[3]

History

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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 an office in Bengaluru’s Ibbaluru, Bellandur area.[4][8]

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]

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

The RBI barred NBFC Navi from issuing new loans starting October 21, 2024, citing excessive lending rates and regulatory non-compliance.[10] However, the restrictions were lifted on December 2, less than two months later.[11] This comes as a significant boost for Navi. Its founder, Sachin Bansal, had expressed ambitions to build the next HDFC Bank.

Subsidiaries

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Navi Technologies is the holding company and the subsidiaries are structured as[12][13]

  • Navi Finserv – Personal loan
  • Navi General Insurance – Health Insurance and others
  • Navi AMC
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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.[14][15]

Navi launched a lending app for instant personal loans in June 2020,[16][17] in Karnataka.[18][19][20] Both CRISIL and India Ratings assigned a credit rating of A ‘Stable’ to the company’s borrowings. Further loan disbursement by Navi finserv has been effectively banned by RBI since Oct 21, 2024 due to compliance issues

Navi acquired Essel Mutual Fund, which was given approval by SEBI in December 2020.[21] In May 2021, Navi Mutual Fund moved their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company.[22][23]

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The company acquired DHFL General Insurance in January 2020 and renamed as Navi General Insurance Limited.[24][25] It launched Navi Health, a ‘2-Minute’ online retail health insurance product, in 2021.[26][27]

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Navi launched its UPI offering, Navi UPI, in August 2023. It has rapidly become one of the fastest-growing UPI platforms. By June 2024, the platform has already recorded a 12-fold increase in growth on Android compared to March 2024. During this period, Navi UPI advanced from the 27th to the 11th position among the top UPI apps. As of the month of June 2024, total processed transactions of Navi UPI equals to ₹1,770 crore.

Navi UPI offers consumers a guaranteed scratch card with every payment, providing an opportunity to win Navi coins (10 Navi coins = ₹1). Users can earn cash from the Navi app [28] through collecting cash through diverse bills made in the app, including merchant payments and peer-to-peer (P2P) transactions. Additionally, the app supports services like the Bharat Bill Payment System (BBPS), mobile recharge, and utility bill payments. Navi UPI is available on both major mobile operating system, Android and iOS platforms.

See also

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References

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  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". 10 May 2021. 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. 10 January 2020. 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. ^ "RBI Halts Navi's Loan Sanctions and Disbursements".
  11. ^ "RBI Removes Supervisory Curbs on Sachin Bansal's Navi Finserv".
  12. ^ "[What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance". Inc42 Media. 12 November 2020. Retrieved 28 August 2021.
  13. ^ Navi Technologies Limited - DRHP.pdf (icicisecurities.com)
  14. ^ Network, BFSI (30 September 2019). "Sachin Bansal acquires Chaitanya Rural, becomes CEO". BFSI. Retrieved 9 August 2021.
  15. ^ "Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO". Inc42 Media. 27 November 2019. Retrieved 9 August 2021.
  16. ^ S.H, Salman (24 June 2020). "Sachin Bansal's Navi launches new instant lending app with paperless KYC". mint. Retrieved 9 August 2021.
  17. ^ vardhan, Jai; Upadhyay, Harsh (1 May 2020). "Exclusive: Sachin Bansal's Navi launches app for personal loan". Entrackr. Retrieved 9 August 2021.
  18. ^ "Navi Finserv to offer home loans in Hyderabad". @businessline. 9 May 2021. Retrieved 9 August 2021.
  19. ^ "Navi Finserv to launch app-based retail loans". News Today. 21 May 2021. Retrieved 9 August 2021.
  20. ^ "Navi Finserv to launch app-based retail loans". News Today. 21 May 2021. Retrieved 11 August 2021.
  21. ^ "SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund". Moneycontrol. Retrieved 2 August 2021.
  22. ^ Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 2 August 2021.
  23. ^ "Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds". BW Disrupt. Retrieved 2 August 2021.
  24. ^ "Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore". Business Today. 10 January 2020. Retrieved 23 August 2021.
  25. ^ Sharma, Samidha; Das, Saikat. "Sachin Bansal buys DHFL General Insurance". The Economic Times. Retrieved 23 August 2021.
  26. ^ "Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App". The Week. Retrieved 23 August 2021.
  27. ^ "Navi launches '2-minutes' online health insurance". News Today. 16 February 2021. Retrieved 23 August 2021.
  28. ^ "Navi App Kya Hai? Navi App Se Paise Kaise Kamaye: 4 आसान तरीके 2025 में". EarnMoneyGuru. Retrieved 8 January 2025.
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