Navi is an Indian financial services company founded by

Sachin Bansal Sachin Bansal (born 5 August 1981) is an Indian entrepreneur. He is best known as the founder of Flipkart During his over 11 year career at Flipkart, Bansal was CEO and chairman. In 2018, Bansal exited Flipkart following the Walmart deal. In ...

and Ankit Agarwal in 2018. Navi operates in the space of digital Loans,

home loans A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pur ...

mutual fund A mutual fund is an investment fund that pools money from many investors to purchase Security (finance), securities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in ...

health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...

, digital gold and UPI.

History

In December 2018,

, after his exit from

Flipkart Flipkart Inc. is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as con ...

, along with IIT-Delhi batch mate Ankit Agarwal, founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited. The company has its headquarters in

Bengaluru Bengaluru, also known as Bangalore (List of renamed places in India#Karnataka, its official name until 1 November 2014), is the Capital city, capital and largest city of the southern States and union territories of India, Indian state of Kar ...

. Navi acquired the consulting firm MavenHive in 2019 to support its product development efforts. The company operates from an office in Bengaluru’s Ibbaluru, Bellandur area. In August 2023, it was announced Navi Group had sold Chaitanya Microfinance to the Mumbai-headquartered microfinance company, Svatantra Microfin for $178.5 million. On 12 March 2022 Navi filed a draft for an INR 3350 crore IPO. The RBI barred NBFC Navi from issuing new loans starting 21 October 2024, citing excessive lending rates and regulatory non-compliance. The restrictions were lifted in December 2024.

Subsidiaries

Navi Technologies is the holding company and the subsidiaries are structured as * Navi Finserv * Navi General Insurance * Navi AMC

Navi Finserv

In October 2019, Navi acquired

based

NBFC A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulator ...

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. Navi launched a lending app for instant

personal loans In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the te ...

in June 2020, in

Karnataka Karnataka ( ) is a States and union territories of India, state in the southwestern region of India. It was Unification of Karnataka, formed as Mysore State on 1 November 1956, with the passage of the States Reorganisation Act, 1956, States Re ...

. 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 The Securities and Exchange Board of India (SEBI) is the regulatory body for securities and commodity market in India under the administrative domain of Ministry of Finance within the Government of India. It was established on 12 April 1988 a ...

in December 2020. In May 2021, Navi Mutual Fund moved their headquarters from

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

, making it the first

– headquartered asset management company.

Navi General Insurance

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

References

External links