The company, founded by former Flipkart co-founder Sachin Bansal, has appointed JM Financial Ltd., Kotak Mahindra Capital Co., Goldman Sachs Group, Inc. and JPMorgan & Chase & Co. as advisers for the offering, the people said, asking not to be identified because the discussions are private.
The IPO is expected to comprise a primary share sale, with no secondary offering by existing shareholders, the people said. Navi is seeking a valuation of as much as $2 billion and is targeting to file the prospectus by December, they added.
Deliberations are ongoing and details including the size, valuation and timing of the IPO could change, the people said. Representatives for Navi and the banks didn’t immediately respond to requests for comment.
Navi joins a growing roster of Indian financial-services firms preparing to tap the equity markets in the coming months, including Muthoot Fincorp Ltd., Truhome Finance Ltd., InCred Holdings Ltd., Moneyview Ltd. and Hero FinCorp Ltd. Companies have raised about $7 billion through IPOs in India so far this year, compared with $22.3 billion in all of 2025, according to data compiled by Bloomberg.
The company previously filed a draft prospectus in March 2022 for an IPO of as much as 33.5 billion rupees and received regulatory approval in September that year. It later deferred the offering amid subdued investor sentiment stemming from domestic and global headwinds.
Navi is a diversified financial-services company with businesses spanning lending, mutual funds, health insurance and UPI payments. Bansal founded the company after leaving Flipkart in 2018 following Walmart Inc.’s $16 billion acquisition of the Indian e-commerce company.
