Navi Group

Last updated

Navi
IndustryFinance
FoundedDecember 2018
Founder Sachin Bansal, Ankit Agarwal
Headquarters Bangalore, Karnataka, India
Area served
India
ServicesFinancial Services, Mutual Fund, Health Insurance
Website https://navi.com/

Navi is an Indian financial services company founded by Sachin Bansal [1] and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, [2] mutual funds, health insurance, digital gold and UPI. [3]

Contents

History

In December 2018, Sachin Bansal, after his exit from Flipkart, along with IIT-Delhi batch mate Ankit Agarwal, [4] founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited. [5] The company has its headquarters in Bengaluru. [6]

Navi acquired consulting firm MavenHive in 2019, in order to boost product development. [7] The company operates from an office in Bengaluru’s Ibbaluru, Bellandur area. [4] [8]

In August 2023, it was announced Navi Group had sold Chaitanya Microfinance to the Mumbai-headquartered microfinance company, Svatantra Microfin for $178.5 million.[30]

On 12 March 2022 Navi filed a draft for an INR 3350 crore IPO. [9]

The company has been barred from further sanction and disbursal of loans by RBI in October 2024, for "excessive spread" and "spurious pricing" of loans. [10]

Subsidiaries

Navi Technologies is the holding company and the subsidiaries are structured as [11] [12]

In October 2019, Navi acquired Bengaluru based NBFC Chaitanya Rural Intermediation Development Services Private Limited (CRIDS) along with its wholly owned microfinance-NBFC Chaitanya India Private Limited (CIPL). CRIDS was later renamed as Navi Finserv Private Limited. [13] [14]

Navi launched a lending app for instant personal loans in June 2020, [15] [16] in Karnataka. [17] [18] [19] Both CRISIL and India Ratings assigned a credit rating of A ‘Stable’ to the company’s borrowings. Further loan disbursement by Navi finserv has been effectively banned by RBI since Oct 21, 2024 due to compliance issues

Navi acquired Essel Mutual Fund, which was given approval by SEBI in December 2020. [20] In May 2021, Navi Mutual Fund moved their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company. [21] [22]

The company acquired DHFL General Insurance in January 2020 and renamed as Navi General Insurance Limited. [23] [24] It launched Navi Health, a ‘2-Minute’ online retail health insurance product, in 2021. [25] [26]

Navi launched its UPI offering, Navi UPI, in August 2023. It has rapidly become one of the fastest-growing UPI platforms. By June 2024, the platform has already recorded a 12-fold increase in growth on Android compared to March 2024. During this period, Navi UPI advanced from the 27th to the 11th position among the top UPI apps. As of the month of June 2024, total processed transactions of Navi UPI equals to ₹1,770 crore.

Navi UPI offers consumers a guaranteed scratch card with every payment, providing an opportunity to win Navi coins (10 Navi coins = ₹1). Users can earn cash from the Navi app through collecting cash through diverse bills made in the app, including merchant payments and peer-to-peer (P2P) transactions. Additionally, the app supports services like the Bharat Bill Payment System (BBPS), mobile recharge, and utility bill payments. Navi UPI is available on both major mobile operating system, Android and iOS platforms.

See also

Related Research Articles

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC (Dubai).

Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business, but does not include any institution whose principal business is that of agriculture, industrial activity, purchase or sale of any goods or providing any services and sale/purchase/construction of immovable property.

Flipkart Private Limited is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.

Mahindra & Mahindra Financial Services Limited (MMFSL) is an Indian rural non-banking financial company headquartered in Mumbai. It is amongst the top tractor financers in India, with 1000+ offices across the country.

Poonawalla Fincorp Limited is an Indian non-banking financial company (NBFC) engaged in consumer and MSME financing. It is headquartered in Pune and is part of the Cyrus Poonawalla Group.

<span class="mw-page-title-main">Myntra</span> Indian fashion & lifestyle products company

Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007-2008 to sell personalized gift items. In May 2014, Myntra.com was acquired by Flipkart.

<span class="mw-page-title-main">Sachin Bansal</span> Indian entrepreneur

Sachin Bansal is an Indian entrepreneur. He is best known as the founder of Flipkart During his over 11 year career at Flipkart, Bansal was CEO and chairman. In 2018, Bansal exited Flipkart following the Walmart deal.

Binny Bansal is an Indian billionaire Internet entrepreneur. As of February 2024, his net worth was estimated at US$1.4 billion. In 2007 he co-founded the e-commerce platform Flipkart. He was the chief operating officer until January 2016, when he was promoted to chief executive officer (CEO). In January 2017 he was promoted to group CEO, then resigned in November 2018 due to personal misconduct allegations of Flipkart. He is an anchor investor in the venture firm 021 Capital. In 2019, Bansal invested in the endowment fund of the Indian Institute of Technology (IIT) Delhi.

MobiKwik is an Indian financial technology company, founded in 2009 that provides a mobile phone-based payment system and digital wallet. Customers can add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.

<span class="mw-page-title-main">Bajaj Finserv</span> Indian financial services company

Bajaj Finserv Limited is an Indian non-banking financial services company headquartered in Pune. It is focused on lending, asset management, wealth management and insurance.

Bandhan Bank Ltd. is a banking and financial services company, headquartered in Kolkata.

<span class="mw-page-title-main">Paytm</span> Indian financial technology company

Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida, India. Paytm was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through QR code payment, Soundbox, Android-based-payment terminal, and online payment gateway. In partnership with financial institutions, Paytm also offers financial services such as microcredit and buy now, pay later to its consumers and merchants.

Ather Energy is an Indian electric two-wheeler manufacturer headquartered in Bangalore. It was founded by Tarun Mehta and Swapnil Jain in 2013. It currently manufactures electric scooters including the Ather 450 Apex, Ather 450S, Ather 450X, Ather 450X Pro, and Ather Rizta. It has EV manufacturing facilities in Whitefield, Bangalore and Hosur, Tamil Nadu.

Bajaj Finance Limited (BFL) is a deposit-taking Indian non-banking financial company headquartered in Pune. It has a customer base of 88.11 million and holds assets under management worth ₹354,192 crore (US$42 billion), as of June 2024.

PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. It was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface, went live in August 2016.

MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SaaS and GIS AI technologies. The company was founded in 1995 and is headquartered at New Delhi with regional offices in Mumbai and Bengaluru and smaller offices across India. It also has international offices in the San Francisco Bay Area and Tokyo.

Piramal Capital and Housing Finance Limited is a non-deposit taking housing finance company, headquartered in Mumbai with branches in major cities across India. DHFL was established to enable access to economical housing finance to the lower and middle income groups in semi-urban and rural parts of India. DHFL is the second housing finance company to be established in the country. The company also leases commercial and residential premises. DHFL is among the 50 biggest financial companies in India.

Satin Creditcare Network Limited is a non-banking finance company (NBFC), licensed by the Reserve Bank of India. It was founded in 1990 by Mr. H P Singh. The company's offers financial requirements for excluded households at the bottom of the pyramid. Satin Creditcare Network Limited is a micro-finance institution (MFI) in the country with presence in 7 states and more than 12,00 villages.

<span class="mw-page-title-main">Muthoot Microfin</span> Indian loan company

Muthoot Microfin Limited is an Indian microfinance institution (MFI), headquartered in Kochi. It primarily provides unsecured microloans to women in rural areas. It is a part of Muthoot Pappachan Group.

<span class="mw-page-title-main">Open Network for Digital Commerce</span> Indian private non-profit organisation

Open Network for Digital Commerce (ONDC) is a public technology initiative launched by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India to foster decentralized open e-commerce model and is led by a private non-profit Section 8 company. It was incorporated on 31 December 2021 with initial investment from Quality Council of India and Protean eGov Technologies Limited.

References

  1. ↑ "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. PTI. 23 July 2020. Retrieved 26 November 2022.
  2. ↑ "Navi Finserv to Launch Hassle-Free Retail Home Loans via Navi App in Hyderabad" . Retrieved 28 August 2021.
  3. ↑ "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. Retrieved 28 August 2021.
  4. 1 2 "Sachin Bansal Is Hiring! Navi Technologies Eyes 10-fold Increase In Recruitment In 2021". Moneycontrol. Retrieved 29 July 2021.
  5. ↑ "Flipkart cofounder Sachin Bansal buys DHFL General Insurance in distress sale". www.timesnownews.com. Retrieved 4 July 2021.
  6. ↑ Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 4 July 2021.
  7. ↑ Vankipuram, Meera (26 December 2019). "Sachin Bansal's Navi acquires MavenHive". mint. Retrieved 28 July 2021.
  8. ↑ Nandy, Madhurima (21 April 2021). "Sachin Bansal's new startup just leased a 100k sq ft office space". mint. Retrieved 29 July 2021.
  9. ↑ "Key takeaways from Navi's DRHP to raise Rs 3,350 crore". Asian News. 12 March 2022. Retrieved 15 March 2022.
  10. ↑ "RBI bars Navi Finserv, 3 other NBFCs from sanctioning and disbursing loans".
  11. ↑ "[What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance". Inc42 Media. 12 November 2020. Retrieved 28 August 2021.
  12. ↑ Navi Technologies Limited - DRHP.pdf (icicisecurities.com)
  13. ↑ Network, BFSI (30 September 2019). "Sachin Bansal acquires Chaitanya Rural, becomes CEO". BFSI. Retrieved 9 August 2021.
  14. ↑ "Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO". Inc42 Media. 27 November 2019. Retrieved 9 August 2021.
  15. ↑ S.H, Salman (24 June 2020). "Sachin Bansal's Navi launches new instant lending app with paperless KYC". mint. Retrieved 9 August 2021.
  16. ↑ vardhan, Jai; Upadhyay, Harsh (1 May 2020). "Exclusive: Sachin Bansal's Navi launches app for personal loan". Entrackr. Retrieved 9 August 2021.
  17. ↑ "Navi Finserv to offer home loans in Hyderabad". @businessline. Retrieved 9 August 2021.
  18. ↑ Bureau, N. T. (21 May 2021). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 9 August 2021.{{cite web}}: |last= has generic name (help)
  19. ↑ Bureau, N. T. (21 May 2021). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 11 August 2021.{{cite web}}: |last= has generic name (help)
  20. ↑ "SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund". Moneycontrol. Retrieved 2 August 2021.
  21. ↑ Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 2 August 2021.
  22. ↑ Bureau, BW Online. "Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds". BW Disrupt. Retrieved 2 August 2021.{{cite web}}: |last= has generic name (help)
  23. ↑ "Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore". Business Today. Retrieved 23 August 2021.
  24. ↑ Sharma, Samidha; Das, Saikat. "Sachin Bansal buys DHFL General Insurance". The Economic Times. Retrieved 23 August 2021.
  25. ↑ "Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App". The Week. Retrieved 23 August 2021.
  26. ↑ Bureau, N. T. (16 February 2021). "Navi launches '2-minutes' online health insurance". News Today | First with the news. Retrieved 23 August 2021.{{cite web}}: |last= has generic name (help)
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.