March 26, 2023

IPO News

Navi Gets SEBI’s Approval for Rs.3,350 Crores

Sachin Bansal promotes Navi Technologies. He has got a green signal from the regulator of capital markets towards an IPO. In March, fintech filed the DRHP to raise 3,350 rupees with an IPO. Navi Technologies received the observation letter from Sebi on the 5th of September. Of the 3,350 crores the company plans to raise, 2,370 crores are going into Navi Finserv. 150 crores will be allotted for insurance, and the rest will be utilised for expansion.

Navi Technologies had loans of around 1,808 crores as per Q3FY22 under AUM. The firm had an NPA of 0.98% once it disbursed 6.75 lakhs of loans. The personal loans were 1,418 crores with an NPA of 0.03% after disbursing 2.18 lakhs of loans. The company has four units: Navi General Insurance, Navi AMC, Navi Finserv, and Chaitanya India Fin Credit.

Fintech’s insurance sector sold 18,671 health policies in retail with a gross premium of 29.6 crores. The asset management sector had 943 crores and 1.04 lakh, investors. Navi’s total income grew from 207 crores in FY2020 to 780 crores in FY21. It faced 8 crores of loss in FY20 and gained a profit of 71 crores in FY21. DRHP shows that in FY22, Navi earned 719 crores of total income and incurred 206 crores of loss.

You can find latest fintech news, insightful analysis of the financial sector, and the latest events in the fintech world at our website.

 

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *