Navi Group Explained

Navi
Industry:Finance
Founded:December 2018
Founder:Sachin Bansal, Ankit Agarwal
Hq Location:Bangalore, Karnataka, India
Area Served:India
Services:Financial Services, Mutual Fund, Health Insurance
Website:https://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

In December 2018, Sachin Bansal, after his exit from Flipkart, along with IIT-Delhi batch mate Ankit Agarwal, founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited.[4] The company has its headquarters in Bengaluru.[5]

Navi acquired consulting firm MavenHive in 2019, in order to boost product development.[6] The company operates from an office in Bengaluru’s Ibbaluru, Bellandur area.[7] [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]

Subsidiaries

Navi Technologies is the holding company and the subsidiaries are structured as[10] [11]

Navi Finserv

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.[12] [13]

Navi launched a lending app for instant personal loans in June 2020,[14] [15] in Karnataka.[16] [17] [18] Both CRISIL and India Ratings assigned a credit rating of A ‘Stable’ to the company’s borrowings.[19]

Navi AMC

Navi acquired Essel Mutual Fund, which was given approval by SEBI in December 2020.[20] In May 2021, Navi Mutual Fund moved their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company.[21] [22]

Navi General Insurance

The company acquired DHFL General Insurance in January 2020 and renamed as Navi General Insurance Limited.[23] [24] It launched Navi Health, a ‘2-Minute’ online retail health insurance product, in 2021.[25] [26]

Navi UPI

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 experienced 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 June 2024, Navi UPI processed transactions worth ₹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 these coins by making various payments through the Navi 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 Android and iOS platforms.

External links

Notes and References

  1. News: 2022-11-26. Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal. The Economic Times. PTI. 23 July 2020.
  2. Web site: Navi Finserv to Launch Hassle-Free Retail Home Loans via Navi App in Hyderabad. 2021-08-28. en-US.
  3. News: Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal. The Economic Times. 2021-08-28.
  4. Web site: 2021-07-04. Flipkart cofounder Sachin Bansal buys DHFL General Insurance in distress sale. www.timesnownews.com.
  5. Web site: Neil. Borate. 2021-07-04. Flipkart co founder Sachin Bansal's Navi MF to launch passive funds. 14 May 2021. mint.
  6. Web site: Vankipuram. Meera. 2019-12-26. Sachin Bansal's Navi acquires MavenHive. 2021-07-28. mint. en.
  7. Web site: Sachin Bansal Is Hiring! Navi Technologies Eyes 10-fold Increase In Recruitment In 2021. 2021-07-29. Moneycontrol. en.
  8. Web site: Nandy. Madhurima. 2021-04-21. Sachin Bansal's new startup just leased a 100k sq ft office space. 2021-07-29. mint. en.
  9. Web site: Key takeaways from Navi's DRHP to raise Rs 3,350 crore . Asian News . 12 March 2022 . 15 March 2022.
  10. Web site: 2020-11-12. [What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance]. 2021-08-28. Inc42 Media. en-US.
  11. Navi Technologies Limited - DRHP.pdf (icicisecurities.com)
  12. Web site: Network. BFSI. 2019-09-30. Sachin Bansal acquires Chaitanya Rural, becomes CEO. 2021-08-09. BFSI. en-GB.
  13. Web site: 2019-11-27. Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO. 2021-08-09. Inc42 Media. en-US.
  14. Web site: S.H. Salman. 2020-06-24. Sachin Bansal's Navi launches new instant lending app with paperless KYC. 2021-08-09. mint. en.
  15. Web site: vardhan. Jai. Upadhyay. Harsh. 2020-05-01. Exclusive: Sachin Bansal's Navi launches app for personal loan. 2021-08-09. Entrackr. en-US.
  16. Web site: Navi Finserv to offer home loans in Hyderabad. 2021-08-09. @businessline. en.
  17. Web site: Bureau. N. T.. 2021-05-21. Navi Finserv to launch app-based retail loans. 2021-08-09. News Today First with the news. en-US.
  18. Web site: Bureau. N. T.. 2021-05-21. Navi Finserv to launch app-based retail loans. 2021-08-11. News Today First with the news. en-US.
  19. Web site: Rating Rationale. 2021-08-09. www.crisil.com.
  20. Web site: SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund. 2021-08-02. Moneycontrol. en.
  21. Web site: Borate. Neil. 2021-05-14. Flipkart co founder Sachin Bansal's Navi MF to launch passive funds. 2021-08-02. mint. en.
  22. Web site: Bureau. BW Online. Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds. 2021-08-02. BW Disrupt. en.
  23. Web site: Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore. 2021-08-23. Business Today. en.
  24. News: Sharma. Samidha. Das. Saikat. Sachin Bansal buys DHFL General Insurance. The Economic Times. 2021-08-23.
  25. Web site: Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App. 2021-08-23. The Week. en.
  26. Web site: Bureau. N. T.. 2021-02-16. Navi launches '2-minutes' online health insurance. 2021-08-23. News Today First with the news. en-US.

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