Flipkart co-founder Sachin Bansal-led fintech company Navi Technologies has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 3,350 crore from the public markets in a fresh issue of shares.
The Bengaluru-based company — which started as a lending business in 2018 and has a presence in insurance, asset management, and microfinance — will issue fresh equity shares as part of its IPO (initial public offering).
The company will invest Rs 2,370 crore of the proceeds into its lending business, Navi Finserv Private Limited (NFPL) and Rs 1,500 crore in its insurance subsidiary, Navi General Insurance Limited (NGIL), it said in the DRHP.
Sachin Bansal, who has invested nearly Rs 4,000 crore in Navi to date, will not dilute his stakes in the company during the IPO.
Here are a few key takeaways from Navi's DRHP.
Editor’s Pick: Prime Ventures Podcast
Aloke Bajpai and Rajnish Kumar, co-founders of ixigo, recently appeared in Prime Venture Podcast to share their startup’s journey. They spoke about the key factors that kept ixigo afloat during the initial days, driving product-led organic growth and more. Read more.
Startup Spotlight
Disrupting the event planning space
Planning and organising a celebration or an event can sometimes feel more like a project deadline rather than a special date on the calendar. Enter online event planning startup Meragi, which serves as a one-stop shop for everything needed to organise an event.
The online platform allows customers to discover, design, and purchase products and services for events such as weddings, birthdays, social parties, house warming, etc. Read more.
Meragi startup snapshot
News & Updates
- Mid-market private equity firm Lighthouse has invested Rs 200 crore (about $27 million) in gifting platform Ferns N Petals (FnP) from its Lighthouse India Fund III. This is the company’s first institutional round of funding.
- Telecom operator Bharti Airtel has selected three startups - Nuronics Labs, Enthu.Ai and Chimes Radio - for its accelerator programme, the company said. The startups were declared winners of the 'Airtel India Startup Innovation Challenge', organised in partnership with Invest India.
- Facebook's parent company Meta has announced that it will revoke certain employee benefits such as free laundry, dry cleaning, and valet service. In response, employees used to the perks are up in arms about this development.
Before you go, stay inspired with…
“Technology is a terrible master but a wonderful servant. We can either condemn it or accept it and use its tools to make our lives more efficient.”
— Sachin Shukla, Founder, UPDEED
Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!