Sachin Bansal, founder and executive chairman of the fintech firm, Navi Technologies, on Friday said that he would look at public listing in the current financial year to raise more capital, which the company needs at this stage.
Speaking at session at the ongoing Startup Mahakumbh, Bansal said that the fintech firm’s growth has been decent as it has 20 million monthly active users and till date around 40 million users have used the platform. “Now we are at a place where we can use more capital, and I think public markets is the best source of capital,” he said.
This would mark the company’s second attempt at listing after 2022, when it filed a draft red herring prospectus with Sebi to raise Rs 3,350 crore. However, it was later withdrawn due to market conditions.
Last year in October, the Reserve Bank of India had barred Navi Finserv, along with three other NBFCs, from sanctioning and disbursing new loans due to concerns around excessive interest rates and non-compliance with regulations.
The company later cut the peak interest rates from 35% to 26%. On December 2, the Central bank lifted the restrictions saying that it was satisfied with the amendments made by the company.
At the Mahakumbh, Bansal also asked the fintechs to prioritise regulations, even if it is detrimental to the interest of the customers.
“If you don’t mind the pain, it is very rewarding, solving for billions. In startup, changes come fast but in fintech, even faster,” he said.
His company also recently underwent a top-level rejig in which Bansal stepped down from the role of CEO. Rajiv Naresh has taken over as CEO of Navi Technologies (NTL), while Abhishek Dwivedi now leads Navi Finserv (NFL).
Bansal also said that he was extremely unhappy after exiting Flipkart in 2018. Bansal had co-founded the firm in 2007 with Binny Bansal.
“I was extremely unhappy after exiting Flipkart because it wasn’t planned. Vijay Shekhar Sharma (founder of Paytm) told me you’re the most unhappy billionaire I’ve seen,” he said.