Fintech major Navi is looking to file the DRHP for its initial public offering (IPO) by the March quarter of the ongoing financial year.

An ET report, citing sources, said the IPO is likely to comprise both a fresh issue and an offer-for-sale component. However, the split between the two is yet to be decided.

Prior to the IPO, Navi is said to be in talks to raise a fresh equity round. Prosus is likely to lead the round, which would mark the maiden external fund infusion in the lending platform.

The report said that there has been some pushback from Prosus, with the investor willing to invest at a valuation of ₹13,000 Cr (around $1.4 Bn).

It was reported earlier this year that Navi was looking to raise around $250 Mn to $300 Mn (₹2,400-₹2,800 Cr) from Prosus and Accel Growth Fund at a valuation of $1.8 Bn to $2 Bn (around ₹17,000 Cr to ₹19,000 Cr).

Queries sent to Navi remained unanswered till the time of publication. The story will be updated on receiving a response.

Founded in 2018 by Flipkart cofounder Sachin Bansal, Navi is a fintech startup offering a suite of products, including credit, insurance, mutual funds, and UPI payments. The startup offers home loans, personal loans, and loans against property through its own NBFC and partners. The Navi Group includes various subsidiaries such as Navi Finserv, Navi General Insurance and Navi AMC.

Notably, this would be the second attempt by the startup to go public. In March 2022, it filed its DRHP for a ₹3,350 Cr IPO. It received SEBI approval for the issue in September 2022 but didn’t move forward with the IPO due to weak tech valuations at the time.

In April 2025, Bansal announced that the startup will most likely list on the bourses in FY26. Notably, he stepped down from the post of the CEO in February last year amid a leadership shakeup at the firm.

On the financial front, the consolidated net profit of Navi’s NBFC arm plunged 46% YoY to ₹93.3 Cr in FY26 from ₹172.2 Cr in the previous year. Operating revenue for the year increased 17% to ₹2,691.5 Cr from ₹2,294.2 Cr in FY25.

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