Bansal’s 2nd venture is ready to IPO🥳

Bansal’s 2nd venture is ready to IPO🥳

What’s poppin’ — Navi Technologies, the latest startup founded by Sachin Bansal barely 4 years ago, is ready to hit the street — planning on filing its papers for a ₹4,000 crores IPO by the end of this week.

Kicked off in 2018, and backed by almost 50% of his Flipkart payout, Bansal built the business very closely to how Bajaj Finserv, or HDFC, or other traditional financial services successes had been built in India — a bit less digital-glitz (intentionally), a strong regulatory foundation, and omnichannel distribution.

Navi today plays in 3 core verticals — Insurance, Lending, and Asset Management, serving 3 million monthly active users. It runs a loan book of well over ₹3,500 crores, rapidly growing.

In the year ending March 2021, the company was topping ~₹770 crores in revenues, with 10% profit margins. Wouldn’t be surprised if the numbers are easily 2-3x by now!

Bottomline — for Bansal, after being pushed out as CEO post Tiger’s muscling in 2016, getting to the “IPO” milestone faster than his old company can figure out unit economics, gotta be a sweet victory. Take that, Lee Fixel.