Navi Technologies loans, Mutual Funds, Insurance Platform.

Navi is an Indian financial service company founded in 2018 by Sachin Bansal and Ankit Agrawal. The company is headquartered in Bangalore, Karnataka. Navi offers financial services such as personal loans, home loans, Mutual funds, health insurance and microfinance loans. Navi provided its services through mobile apps and web platforms.

History

Navi technologies were incorporated in 2018 by Sachin Bansal, who was exited from Flipkart and IIT Delhi batchmates Ankit Agrawal, who founded BACQ acquisition Pvt Ltd, which was renamed as Navi Technologies Private Limited. The company has acquired multiple companies to extend its products and services across the country. 

In 2020, Sachin Bansal was talking to the Acquired liberty general insurance business for Navi Technologies, the news came on the day Liberty general received a funds infusion of Rs 100 crore from its promoters. The Navi also acquired the Mumbai based insurance company DHFL general insurance, the deal closed at 14 million in Jan 2020.

The company has acquired the Chaitanya microfinance and offers loans through the Navi and also approached the RBI Reserve Bank of India for a universal banking license. As of Dec 2020, CIFCL was operating out of 6 states across 72 districts with 4.59 lakh active borrowers. The ICRA assigned a credit rating of A- (A minus) to company borrowing.

Navi technologies launched 2 minutes online retail health insurance products in the year 2021.

In May 2021, Navi mutual fund shifted their headquarter in Mumbai to Bangalore and it became Bangalore first asset management headquarter and also launched a passive fund programme.

Products and services

Navi Technologies provides financial services to its customers. It comprises home loans, personal loans, healthcare insurance, microloan and mutual funds. The company has more than 1.1 million customer-based as of December 31, 2020. Its insurance business offers a variety of health, property, vehicles, gadgets, and commercial insurance solutions.

Navi tech is holding different businesses like Navi Finserv, Navi mutual fund, Navi general insurance and Chaitanya microfinance.

The company held Chaitanya microfinance offers loans to women in rural areas under the Grameen Bank group. It also provides microfinance loans under the liability group models as well as individual loans.

Navi Home Loan

Navi Finserv starts offering a home loan in the range of Rs 20 lakh to Rs 5 Crore and tenures of up to 25 years. The home loan interest rate starts from 6.46 percent per annum. This interest rate offers only eligible customers who fulfil the requirements of the company.

The Navi sanctioned home loans across many cities in India including Bangalore, Mysore, Hubli, Davangere, Gulbarga, Chennai, Delhi, Gurugram, and Hyderabad. They also plan to lend projects in Pune and Mumbai in Maharashtra.

Acquisition 

Navi Finserv

In Oct 2019, Navi acquired the Bangalore based Chaitanya rural international development service Pvt Ltd and microfinance NBFC Chaitanya India Finance credit Pvt Ltd (CIFCPL) was acquired and later renamed as Navi Finserv Pvt Ltd.

Navi mutual fund

In December 2020, a new acquisition by Navi technologies was the Essel mutual fund and was approved by the security exchange board of India (SEBI).

Navi General insurance

The company entered the insurance business with the acquisition of liberty general insurance and DHFL general insurance and later they were renamed Navi General insurance Pvt Ltd.