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Flipkart Founder Navi File $ 440 Million IPO – TechCrunch

Navi Technologies of Sachin Bansal, a fintech startup that provides insurance and loan products to its customers, is once again a $ 440 million IPO for a 40-year-old entrepreneur who kicked off the e-commerce wave in the country and made money. I applied for. A bold choice.

Navi Technologies’ first public offering will consist entirely of new shares, and startups may consider raising pre-IPO placements, he said in a draft prospectus submitted to local regulators on Saturday.

IPOs occur during the last few months when tech stocks (or most others) have plummeted. All tech startups, including Zomato, Paytm, Nykaa and Policy Bazaar, launched last year, have been trading at the lowest stock prices in recent weeks.

However, for Navi Technologies, which has been aiming for an initial public offering for over a year, there is a sense of urgency to open the company, and startups seeking to raise funds from Softbank and other investors with a valuation of over $ 4 billion. Recent attempts have collapsed. After failing to secure a license to become a bank, according to two people familiar with the matter.

Founded in 2018, Navi offers credit for digital personal loans, mortgages and real estate lending spaces. We also provide our clients with passively funded health insurance and digital asset management. So far, the startup is almost entirely funded by Bansal.

Billionaire Bansal and Navi, who co-founded Flipkart over a decade ago and were kicked out of the company before being sold to Wal-Mart, have barely been in the limelight. The Prospectus Draft (PDF) provides navigation colors for the first time. Various businesses and their financial position.

“With our in-house NBFC (non-bank lender) department, AI / ML-based underwriting, and a digital-only D2C approach, Navi can manage and smoothly deliver loaned products, from procurement to underwriting to collections. It was a customer experience. “

Navi states that it uses technology to serve customers who are not otherwise serviced. Leverage both digital and field collections with lending algorithms to provide attractive pricing and better loan account management. “

Navi preposition, in its own words

The startup reported a consolidated profit of $ 9.2 million with revenue of $ 17.8 million in FY2009, and personal lending and retail health insurance products helped customers sign up in less than 4.5 minutes and less than 2.5 minutes, respectively. It states that it is.

Navi’s personal loan business has served more than 481,000 customers with 84% of Indian postal codes in the first 21 months and has provided customers with Rs. 2 million with a holding period of up to 84 months. .. The ticket size for these loans is $ 665.

“As of December 31, 2021, 61.17% of health insurance policies sold were approved by the Navi app without human assistance. In addition, we have developed a chat-based interface for customers to purchase. We have made it possible to provide services seamlessly in the process. ”Startups add.

“We offer health insurance premiums through EMI. Our products are attractive and affordable because customers can pay a fixed monthly amount for insurance. Ended December 31, 2021 During the nine months, GWP was £ 667.6 million. 667.60 million 63.26 million was from the retail health insurance segment. A total of 220,491 insurance during the nine months ending December 31, 2021. Issued contracts, of which 27,800 were retail health insurance contracts. “

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