Navi, led by Sachin Bansal, hires Goldman, JPMorgan for Rs 3,000-cr IPO

Indian fintech startup Navi Ltd., founded by former Flipkart co-founder Sachin Bansal, is set to initiate its initial public offering process in India with a target to raise up to 30 billion rupees (approximately $314 million), according to people familiar with the matter. The startup has brought on board financial advisers including JM Financial Ltd., Kotak Mahindra Capital Co., Goldman Sachs Group Inc., and JPMorgan & Chase & Co. to manage the offering, the sources said, requesting anonymity due to the confidential nature of the discussions.

The proposed offering is expected to be comprised entirely of a primary share sale, meaning existing shareholders will not offload any stakes as part of the IPO. Navi is seeking a valuation as high as $2 billion and is reportedly targeting to file its prospectus by December this year. The details regarding the size, valuation, and timing of the IPO are still under deliberation and may change, according to the sources. Representatives for Navi and the appointed banks did not immediately respond to requests for comment.

Navi’s renewed push towards an IPO comes as the Indian equity markets witness increased activity from financial-services companies looking to tap into robust investor demand. Firms such as Muthoot Fincorp Ltd., Truhome Finance Ltd., InCred Holdings Ltd., Moneyview Ltd., and Hero FinCorp Ltd. are among other domestic financial players readying public offerings in the coming months. According to Bloomberg data, companies have raised about $7 billion through IPOs in India so far this year, compared to $22.3 billion in all of 2025.

This is not Navi’s first attempt to go public. The company previously filed a draft prospectus in March 2022 for a planned IPO of up to 33.5 billion rupees and secured regulatory approval in September of that year. However, it subsequently deferred the transaction, citing subdued investor sentiment amidst both domestic and global headwinds.

Founded in 2018 by Bansal after his departure from Flipkart following Walmart Inc.’s $16 billion buyout of the e-commerce giant, Navi has grown into a diversified financial-services firm. The company’s business spans lending, mutual funds, health insurance, and UPI payments, positioning it among the rising financial services players in the country’s booming fintech landscape.

The formal prospectus is targeted to be filed by the end of the year, but the sources emphasized that discussions are ongoing and the final contours of the IPO are yet to be finalized.