Fintech company Navi Ltd, co-founded by Flipkart co-founder Sachin Bansal, is preparing to file draft papers for an IPO by the January-March quarter of FY27, according to an Economic Times report.

The Bengaluru-based company is looking to raise about Rs 3,000 crore through the proposed IPO, the report said.

The issue is expected to include both a fresh sale of shares and an offer for sale, although the final structure has not yet been decided. Kotak Investment Banking is working with Navi on the planned public issue.

The move would mark Navi’s second attempt to list on the stock exchanges. The company filed draft papers for a Rs 3,350 crore IPO in 2022 and received approval from the SEBI later that year, but did not proceed with the issue as market conditions weakened for technology companies.

Before returning to the public markets, Navi is also said to be in talks to raise its first external equity funding round, led by Dutch technology investor Prosus. The proposed fundraise is expected to help set a valuation benchmark ahead of the IPO.

“The valuation is being discussed, and there’s some pushback from Prosus,” a person told ET anonymously.

Prosus is said to be willing to invest at a valuation of about Rs 13,000 crore. The size of the round and the final valuation have not yet been agreed.

Earlier reports said Navi had discussed raising $250 million to $300 million from Prosus and Accel Growth Fund at a valuation of $1.8 billion to $2 billion.

ET said emails sent to Navi, Prosus and Kotak Investment Banking did not receive a response.

Founded in 2018, Navi has expanded from digital lending into a wider financial services business. Its offerings include personal loans, home loans, loans against property, health insurance, mutual funds and UPI payments.

Navi’s corporate governance disclosures describe the company as Navi Limited, formerly Navi Technologies Limited. Its FY25 annual report said the renaming reflected its ambition to become a broader financial services platform across payments, insurance, mutual funds and lending.

The company’s board currently lists Bansal as chairman and executive director, while Rajiv Naresh is managing director and CEO of Navi Ltd. Abhishek Dwivedi is managing director and CEO of Navi Finserv, the group’s non-banking finance arm.

Navi sold its microfinance business, Chaitanya India Fin Credit, to Svatantra Microfin in a Rs 1,479 crore deal in 2023. Navi Ltd’s FY25 annual report showed PAT of Rs 358.5 crore in FY24 and a loss of Rs 119.3 crore in FY25.

Navi Finserv faced regulatory action in October 2024 when the RBI barred it and three other non-bank lenders from sanctioning and disbursing fresh loans. The RBI cited concerns including excessive pricing and mark-ups over funding costs.

The restrictions on Navi Finserv were lifted in December 2024 after the central bank said it was satisfied with the company’s submissions, revamped processes and commitment to regulatory guidelines.

The planned Navi listing comes as India’s fintech IPO market remains uneven. PhonePe paused its listing plans earlier this year because of geopolitical tensions and volatility in global capital markets, while Razorpay has confidentially filed papers for a proposed public issue.

If completed, Navi’s IPO would be one of the larger fintech listings planned in India’s public markets since the sector’s reset in valuations after the technology stock sell-off.