Navi Technologies, an Indian FinTech startup offering insurance and loan products, has filed for a $440m IPO.
A report by Yahoo Finance revealed that the IPO will consist entirely of new shares, and the startup may consider raising a pre-IPO placement, it reportedly said in its draft prospectus filed with the local regulator Saturday.
Founded in 2018, Navi offers digital personal loans, home loans and credit against property in the lending space. It also provides customers with health insurance and digital asset management with a passive fund focus.
So far, the startup is nearly entirely funded by billionaire Sachin Bansal, who co-founded Flipkart.
Navi said it is using technology to serve customers who have not been served otherwise, and that its personal lending and retail health insurance products are helping customers sign up in less than five minutes.
The IPO announcement comes at a time when tech startups who have gone public recently have traded at their lowest share prices in recent weeks.
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