Sachin Bansal’s Navi Technologies gets SEBI’s nod for IPO

Flipkart co-founder Sachin Bansal-led Navi Technologies has received the green signal from markets regulator the Securities and Exchange Board of India (SEBI) for its public listing.

Navi Technologies had filed draft papers in March this year with SEBI to raise up to Rs 3,350 crore through a fresh issue of shares. The IPO will have an offer for sale (OFS) by Bansal who holds a 97.39 percent stake in the fintech.

Meanwhile, Go Digit General Insurance, which is led by insurance industry veteran Kamesh Goyal and backed by Prem Watsa’s Fairfax Capital is yet to get a go ahead. SEBI has not yet issued an observation for Go Digit’s IPO as per details on the market regulator’s website.

Bansal founded Navi Technologies in December 2018 just six months after quitting his first venture Flipkart, which was snapped up by Walmart for $16 billion the same year.