{"id":19548,"date":"2024-04-06T00:24:33","date_gmt":"2024-04-06T00:24:33","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/06\/sachin-bansals-fintech-navi-in-talks-to-raise-new-funding-at-2-billion-valuation-sources\/"},"modified":"2024-04-06T00:24:33","modified_gmt":"2024-04-06T00:24:33","slug":"sachin-bansals-fintech-navi-in-talks-to-raise-new-funding-at-2-billion-valuation-sources","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/06\/sachin-bansals-fintech-navi-in-talks-to-raise-new-funding-at-2-billion-valuation-sources\/","title":{"rendered":"Sachin Bansal\u2019s fintech Navi in talks to raise new funding at $2 billion valuation: sources"},"content":{"rendered":"
\"Sachin<\/div>


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Sachin Bansal<\/a>\u2019s fintech Navi Technologies<\/a> has held talks for an external round of funding at a valuation<\/a> of around $2 billion, multiple people briefed on the matter told ET.<\/p>\n

Bansal, they said, has discussed raising about $200-300 million from private investors. This may go up depending on how talks progress.<\/p>\n

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The $2-billion valuation, however, is lower than that sought during the previous funding discussions Navi had with investors nearly two years ago in the run up to its proposed initial public offering (IPO) that eventually did not go through, people in the know said.<\/p>\n

\u201cThat\u2019s what he thinks is the right valuation after recent divestment of group companies like Chaitanya India Fin Credit,\u201d a person aware of the discussions said.<\/p>\n

In November, Ananya Birla-led Svatantra Microfin completed the acquisition of Navi Group\u2019s subsidiary Chaitanya India Fin Credit in a deal valued at Rs 1,479 crore<\/a>.<\/p>\n

Navi \u2013 which offers home loans and personal loans along with health insurance and mutual funds \u2013 had filed for an IPO and secured stock market regulator Sebi\u2019s nod<\/a> in late 2022. However, the company did not eventually go ahead with its planned listing.<\/p>\n

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Bansal, who cofounded Flipkart along with IIT Delhi batchmate Binny Bansal in 2007, sold his entire stake in the ecommerce firm in 2018 at the time of its sale to US retail giant Walmart. Bansal went on to deploy a majority of the proceeds from his Flipkart exit into Navi and has never raised external capital. He owns nearly 98% stake in the company.The proposed Rs 3,350-crore IPO would have seen some dilution from him.<\/p>\n

For Bansal, this is not the first attempt to raise external capital. He was in talks with Singapore\u2019s sovereign wealth fund Temasek as well as other investors to raise a pre-IPO round, but it did not materialise \u2013 especially after the Reserve Bank of India (RBI) denied Navi a banking licence.<\/p>\n

Bansal, according to people familiar with his thinking, was extremely keen on securing the regulator\u2019s nod for a licence.<\/p>\n

\u201cAs a company policy, we refrain from commenting on speculative discussions or rumours about our business strategies,” a Navi spokesperson told ET.<\/p>\n

The company declined to comment on its IPO plans too. Sebi\u2019s nod is valid for one year and one has to file a fresh application for an IPO after that.<\/p>\n

Busy Bansals
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Navi also offers payments services through Unified Payments Interface (UPI). In February, it said it plans to raise Rs 600 crore<\/a> through non-convertible debentures (NCDs).<\/p>\n

Bansal\u2019s plans to tap into external investors coincide with a revival in big-ticket deals in new-economy companies, as reported by ET on April 4<\/a>. Several late-stage startups are in talks to raise new capital through a mix of primary and secondary share sale.<\/p>\n

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\"FundingETtech<\/span><\/figure>\n<\/div>\n

People aware of Navi\u2019s operations said Bansal is increasingly spending more time on all key affairs of the company.<\/p>\n

His former partner Binny Bansal, too, is busy cutting new cheques for startup investments following his exit from the Flipkart board in January. He has launched OppDoor \u2013 an ecommerce-focused venture \u2013 from Singapore while also doubling down on his investments<\/a> in firms like cloud kitchen Curefoods. Through his venture fund Three State Ventures, Binny Bansal has infused initial seed capital in his new startup and has big plans going forward, ET had reported on March 18.<\/p>\n

Also read | <\/strong>Home loan, insurance business drag Sachin Bansal\u2019s Navi into slow lane<\/a><\/p>\n<\/div>\n


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Sachin Bansal\u2019s fintech Navi Technologies has held talks for an external round of funding at a valuation of around $2 billion, multiple people briefed on the matter told ET. Bansal, they said, has discussed raising about $200-300 million from private investors. This may go up depending on how talks progress. Elevate Your Tech Prowess with […]<\/p>\n","protected":false},"author":2,"featured_media":19549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[24046,1289,918,2801,11884,1602,24047,24044,25027,4605,10252,24043,25026,8322,66,3585],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/19548"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=19548"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/19548\/revisions"}],"predecessor-version":[{"id":19550,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/19548\/revisions\/19550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/19549"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=19548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=19548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=19548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}