* Our Parent Company Crypto Token is LIVE!!! *Flag Token

Flipkart co-founder’s fintech, Navi, files for an IPO


Share post:

Navi Technologies, an India-based fintech offering loans and insurance, filed for an IPO in its home country to raise roughly $440 million.

Why it matters: This would be the most significant amount of outside funding Navi has raised since its founding — and a rare IPO at a time when few are willing to venture into the public market.

By the numbers: Navi posted income of about $93.9 million and a loss of about $27.9 million for the nine months ending December 2021.

Of note: Co-founder Sachin Bansal has largely funded Navi to its current stage and holds more than 97% of it, per the company’s prospectus.

  • It’s a far cry in terms of capital structure from Bansal’s last company, Flipkart. That e-commerce business is majority-owned by Walmart and has raised from the likes of SoftBank and Accel.
  • Bansal no longer owns a stake in Flipkart, though he is facing a handful of lawsuits from those days, per the filing.

The intrigue: Going public at this time may not have been Navi’s first choice. Prior to this filing, the company sought funding from SoftBank at a $4 billion valuation, per…

Read more…

Related articles

Revolutionizing Inter-Blockchain Communication – Benzinga

Revolutionizing Inter-Blockchain Communication  Benzinga

Hermès Wins Trademark Lawsuit Against MetaBirkins NFTs, Setting Powerful Precedent for NFT Creators

David Leichtman, Leichtman Law managing partner, told CoinDesk TV on Tuesday that the case wasn’t necessarily about Mason...

UK blockchain carbon offset platform raises $45M in seed funding

According to a press release published on Feb. 8, blockchain carbon credit transaction network Carbonplace has secured $45...

The war among blockchains should stop to speed up adoption – Cointelegraph

The war among blockchains should stop to speed up adoption  Cointelegraph Read more...