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Flipkart co - founding father Sachin Bansal is in talks to raise capital for his raw inauguration , Indian fintechNavi . Bansal is talk to investor to kindle at a evaluation of around $ 2 billion , three sources familiar with the matter told TechCrunch . One generator say he is looking to raise between $ 200 million and $ 400 million .
Bansal has largely self - funded Navi up to now , and thiswould be the Bengaluru - headquarter inauguration ’s first orotund outside fundraise since it was plant in 2018 .
negotiation have yet to materialize into a deal , so the terms , as well as Bansal ’s appetite for remote funding , may vary , the author cautioned . A Navi voice declined to annotate .
Navi , which extend personal and household loans as well as wellness insurance to customer , has been through a few financial twists and turns . Navi originallywanted to raise $ 440 million in a public list , according to paperwork it file in 2022 . With the IPO market in a slump , however , the startup desert those plan last year .
The funding deliberationspoint to a significant chemise in the venture marketplace in India and are an supporting sign for fintech more globally . After a particularly rough 2023 in which overall startup fundingfell 73 % in the state , this could be a sign that maturation - stage funding rounds are back on the table .
Abu Dhabi ’s supreme wealth fund ADIA is in talks toback Amerind sound recording - storytelling chopine Pocket FM , TechCrunch reported last month . Indian eyewear brand Lenskart , Temasek - backed consumer nutrition platform HealthKart , and bike - taxicab aggregator Rapido arealso in dialogue to raise new growth - stage round , Indian mercantile establishment Economic Times reported Thursday . Khazanah , Malaysia ’s sovereign wealth investment company , is among investors that Swiggy - endorse Rapido has engaged with in late weeks , one root conversant with the matter told TechCrunch .
India ’s startup ecosystem saw a steep decline in magnanimous funding round last year as globular investors , including Tiger Global and SoftBank , reduced their investing , while domesticated VC firm shift their focal point to other - level company , according to a recentBain report .
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The Reserve Bank of India ’s regulatory actions in recent years have also impacted startup come out cards and loaning , further spook many investors in the fintech sector .
Under Bansal , Flipkart was a trailblazer for startup in India , raising billions of dollars from a storied inclination of strategic and fiscal investors . He then leave the inauguration in 2018 with a $ 1 billion boom and opted for a bootstrapped overture for Navi , which he founded the same year .
Even if this might become Navi ’s first external raise , that does n’t signify Bansal has not been talking to concerned party . As TechCrunch previously reported , the fintech spoke to potential investor , let in SoftBank , ahead of its IPO filing . Those discussions stalled after Navi ’s app for a banking license wasrejectedby the land ’s fundamental savings bank , TechCrunch antecedently reported .
In recent quarters , Navi has narrowed its focussing . Itsold its microfinancing whole Chaitanya Indiafor $ 178.5 million in August as part of a “ strategic design to center on our digital - first businesses , ” Bansal said at the time .
In an interviewpublishedby the Indian outlet Moneycontrol on Tuesday , Bansal tell he would revive plans for the initial offering , but only in a “ few months , once we are ready . ”
Bansal has also not given up the idea of turning Navi into a bank building . “ For now , I would say we have park them , until we see that it is a possible action again in the future tense , ” he told the Indian outlet . “ Then we will pick up again when there ’s some green light from the regulator at the right metre . ”
