Navi Group

From Wikipedia, the free encyclopedia
Navi
IndustryFinance
FoundedDecember 2018
FounderSachin Bansal, Ankit Agarwal
HeadquartersBangalore, Karnataka, India
Area served
India
ServicesFinancial Services, Mutual Fund, Health Insurance
Websitehttps://navi.com/

Navi is an Indian financial services company founded by Sachin Bansal[1] and Ankit Agarwal in 2018.[citation needed] The company has its headquarters in Bengaluru.[2] Navi offers digital personal loans, home loans,[3] mutual funds, health insurance and micro-loans.[4]

History[]

In December 2018, Sachin Bansal, after his exit from Flipkart, along with IIT-Delhi batch mate, founded BACQ Acquisitions Private Limited which was later renamed as Navi Technologies Private Limited.[5] Since its incorporation, Navi has acquired multiple companies to extend its product and services portfolio.[6]

Navi Technologies[]

Navi Technologies, the technology development and services company, acquired a consulting firm MavenHive in 2019, in order to boost product development.[7]

45-50 engineers were hired with plans to hire 400 more in 2021, in line with its growth plan. A new 100k sq ft office space was also acquired in Bengaluru’s Koramangala area, to house its businesses.[8][9]

Navi Technologies is the holding company and the subsidiaries are structured as;[10]

  • Navi Finserv – Personal and Home Loans
  • Navi Asset Management Company – Multiple, Equity Mutual Funds, Index Funds
  • Navi General Insurance – Health Insurance and others
  • Chaitanya Micro Finance – Micro Finance and Lending

Navi Finserv[]

In October 2019, Bengaluru based NBFC Chaitanya Rural Intermediation Development Services Private Limited (CRIDS) along with its wholly owned microfinance-NBFC Chaitanya India Fin Credit Private Limited (CIFCPL) was acquired by Navi and CRIDS was later renamed as Navi Finserv Private Limited.[11][12]

A lending app for instant personal loans was launched by Navi in June 2020.[13][14]

Navi further launched home loans in Karnataka and also confirmed about their plans to expand and launch its quick and affordable retail home loans via the Navi App in Chennai and Hyderabad soon.[15][16][17]

CRISIL assigned a credit rating of A- (A minus) to the company’s borrowings.[18]

Navi Mutual Fund[]

A new acquisition by Navi, of Essel Mutual Fund, was given approval by SEBI in December 2020.[19]

In May 2021, Navi Mutual Fund decided to move their headquarters from Mumbai to Bengaluru, making it the first Bengaluru – headquartered asset management company. They also announced the launch of Passive Funds.[20][21]

Navi General Insurance[]

DHFL General Insurance was acquired by Navi in January 2020 and was later renamed as Navi General Insurance Limited.[22][23]

Navi Health, a ‘2-Minute’ online retail health insurance product, was launched in 2021.[24][25]

An option of buying health insurance via a monthly subscription (EMI) instead of paying the annual premium upfront was recently introduced by Navi General Insurance for their customers.[26][27]

Chaitanya Microfinance (CIFCPL)[]

CIFCPL is a microfinance institution (MFI), which started operations from October 2009. It is fully held by the parent company Navi Finserv.[28][29] CIFCPL lends to women, primarily in rural areas under the Grameen Bank Group Lending model. It offers microfinance loans under the joint liability group model as well as individual loans.

Navi approached Reserve Bank of India for a universal banking license.[30][31] As on December 31, 2020, CIFCPL was operating out of 6 states across 72 districts with 4.59 lakh active borrowers.[32]

ICRA assigned a credit rating of A- (A minus) to company’s borrowings.[33][34][35]

References[]

  1. ^ "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. Retrieved 2021-07-04 – via The Economic Times.
  2. ^ Borate, Neil (14 May 2021). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 2021-07-04.
  3. ^ "Navi Finserv to Launch Hassle-Free Retail Home Loans via Navi App in Hyderabad". Retrieved 2021-08-28.
  4. ^ "Navi's aim is to simplify financial services, improve affordability for billion users: Sachin Bansal". The Economic Times. Retrieved 2021-08-28.
  5. ^ "Flipkart cofounder Sachin Bansal buys DHFL General Insurance in distress sale". www.timesnownews.com. Retrieved 2021-07-04.
  6. ^ "[What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance". 12 November 2020. Retrieved 2021-07-04.
  7. ^ Vankipuram, Meera (2019-12-26). "Sachin Bansal's Navi acquires MavenHive". mint. Retrieved 2021-07-28.
  8. ^ "Sachin Bansal Is Hiring! Navi Technologies Eyes 10-fold Increase In Recruitment In 2021". Moneycontrol. Retrieved 2021-07-29.
  9. ^ Nandy, Madhurima (2021-04-21). "Sachin Bansal's new startup just leased a 100k sq ft office space". mint. Retrieved 2021-07-29.
  10. ^ "[What The Financials] Decoding Sachin Bansal's Navi's FY20 Financial Performance". Inc42 Media. 2020-11-12. Retrieved 2021-08-28.
  11. ^ Network, BFSI (2019-09-30). "Sachin Bansal acquires Chaitanya Rural, becomes CEO". BFSI. Retrieved 2021-08-09.
  12. ^ "Sachin Bansal Looks At Financial Inclusion As CRIDS' CEO". Inc42 Media. 2019-11-27. Retrieved 2021-08-09.
  13. ^ S.H, Salman (2020-06-24). "Sachin Bansal's Navi launches new instant lending app with paperless KYC". mint. Retrieved 2021-08-09.
  14. ^ vardhan, Jai; Upadhyay, Harsh (2020-05-01). "Exclusive: Sachin Bansal's Navi launches app for personal loan". Entrackr. Retrieved 2021-08-09.
  15. ^ "Navi Finserv to offer home loans in Hyderabad". @businessline. Retrieved 2021-08-09.
  16. ^ Bureau, N. T. (2021-05-21). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 2021-08-09.
  17. ^ Bureau, N. T. (2021-05-21). "Navi Finserv to launch app-based retail loans". News Today | First with the news. Retrieved 2021-08-11.
  18. ^ "Rating Rationale". www.crisil.com. Retrieved 2021-08-09.
  19. ^ "SEBI Likely To Give A Nod To Sachin Bansal-led Firms' Acquisition Of Essel Mutual Fund". Moneycontrol. Retrieved 2021-08-02.
  20. ^ Borate, Neil (2021-05-14). "Flipkart co founder Sachin Bansal's Navi MF to launch passive funds". mint. Retrieved 2021-08-02.
  21. ^ Bureau, BW Online. "Flipkart s Sachin Bansal s Navi Mutual Fund Set To Launch Passive Funds". BW Disrupt. Retrieved 2021-08-02.
  22. ^ "Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore". Business Today. Retrieved 2021-08-23.
  23. ^ Sharma, Samidha; Das, Saikat. "Sachin Bansal buys DHFL General Insurance". The Economic Times. Retrieved 2021-08-23.
  24. ^ "Navi General Insurance launches '2-Minutes Online Health Insurance' via Navi Health App". The Week. Retrieved 2021-08-23.
  25. ^ Bureau, N. T. (2021-02-16). "Navi launches '2-minutes' online health insurance". News Today | First with the news. Retrieved 2021-08-23.
  26. ^ Livemint (2021-06-15). "Navi General Insurance launches monthly subscription-based health insurance". mint. Retrieved 2021-08-23.
  27. ^ "Navi General Insurance launches health insurance through EMI option". @businessline. Retrieved 2021-08-23.
  28. ^ "chaitanya microfinance: Latest News & Videos, Photos about chaitanya microfinance | The Economic Times - Page 1". The Economic Times. Retrieved 2021-08-23.
  29. ^ Bhakta, Pratik; Sharma, Samidha. "Sachin Bansal: Sachin Bansal in talks to put microfinance firm in cart, may become chief executive". The Economic Times. Retrieved 2021-08-23.
  30. ^ Vankipuram, Meera (2020-01-10). "Sachin Bansal applies for a banking licence amid big finserv push". mint. Retrieved 2021-08-27.
  31. ^ "Sachin Bansal's Chaitanya India Fin Credit Seeks Universal Bank License". Inc42 Media. 2020-01-10. Retrieved 2021-08-27.
  32. ^ ICRA (March 31, 2021). "ICRA". ICRA Rationale Report.
  33. ^ Staff Writer (2021-06-02). "India Ratings gives 'A' rtg to Sachin Bansal's Navi Group owned Chaitanya India". mint. Retrieved 2021-08-27.
  34. ^ "Sachin Bansal's Navi group credit finance company gets stable rating for Rs 500 crore debt". The Economic Times. Retrieved 2021-08-27.
  35. ^ ICRA (February 2, 2021). "ICRA Rationale Report". ICRA Report.

External links[]

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