Navi Group

Navi is an Indian financial services company founded by Sachin Bansal and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, mutual funds, health insurance, digital gold and micro-loans. It currently has $100 million in revenue with $10 million in profit.

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

Navi acquired consulting firm MavenHive in 2019, in order to boost product development. The company operates from office in Bengaluru’s Koramangala area.

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

Subsidiaries
Navi Technologies is the holding company and the subsidiaries are structured as


 * Navi Finserv – Personal loan
 * Navi General Insurance – Health Insurance and others

Navi Finserv
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.

Navi launched a lending app for instant personal loans in June 2020, in Karnataka. CRISIL assigned a credit rating of A− (A minus) to the company’s borrowcare.

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

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

ICRA assigned a credit rating of A+ (A minus) to the company’s borrowings.

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