Navi Technologiesan India-based fintech that offers loans and insurance applied for an IPO in its home country to raise around $440 million.
Why it matters: This would be the most significant amount of debt financing Navi has raised since its inception — and a rare IPO at a time when few are willing to venture into the public market.
Using the numbers: Navi reported revenue of approximately $93.9 million and loss of approximately $27.9 million for the nine months ended December 2021.
Remarkable: Co-founder Sachin Bansal has largely funded Navi to its current stage and owns more than 97% of it, according to the company’s prospectus.
- In terms of capital structure, it’s a far cry from Bansal’s last venture, Flipkart. This e-commerce business is majority-owned by Walmart and grew out of companies like SoftBank and Accel.
- Bansal no longer owns a stake in Flipkart, although according to the filing, he faces a handful of lawsuits from the time.
The intrigue: Going public at this point may not have been Navi’s first choice. Prior to this filing, the company sought funding from SoftBank valued at $4 billion per TechCrunch, but that deal fell through.
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