Navi Group Eyes 2026 IPO, Plans Major Expansion in Lending Business

Financial services firm Navi Group plans to go public in the latter half of fiscal year 2026, marking a renewed push for an IPO after shelving its previous listing plans in 2022. The company, backed by Flipkart co-founder Sachin Bansal, is currently discussing with investment bankers to determine the optimal timing for the offering.

The announcement comes amid significant changes at the fintech group. Navi recently appointed Rajiv Naresh as CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv, with Bansal taking on the role of Executive Chairman.

Navi Finserv, the group's lending arm, is pursuing an ambitious transformation of its loan portfolio. "We're aiming for a 50-50 split between secured and unsecured loans over the next three to five years," Bansal told The Economic Times. The company has already seen success in home lending, with that division reaching break-even, and is expanding its retail and MSME credit offerings.

The numbers reflect strong growth: Navi Finserv reported a loan book of Rs 7,700 crore and net profits of Rs 192 crore for April-December 2024, with total income reaching Rs 1,770 crore. The company maintains a healthy gross NPA ratio of 2.47 percent.

Bansal has set ambitious targets for Navi Group, and he hopes to grow assets under management beyond Rs 50,000 crore, thus establishing the company as a leading non-bank lender in India. This marks a significant scaling up from its previous IPO plans in 2022 when it received SEBI approval for a Rs 3,350-crore public offering.