The Navi Business Model of Loans, UPI, Insurance and Mutual Funds
How Navi offers loans, UPI, insurance and mutual funds.
Key Takeaways
- Navi group FY26 operating revenue was ₹2,982 crore, with a net loss of ₹466 crore.
- Navi's lending book was ₹13,138 crore at the end of FY26.
- Navi was the fourth largest UPI app by transaction volume in FY26.
- Navi reported break-even on a profit before tax basis in Q4 FY26.
Table of Contents 13 sections
The Navi business model is built around loans, UPI payments, insurance and mutual funds. Navi was founded in 2018 by Sachin Bansal and Ankit Agarwal, and its lending arm, Navi Finserv, is a non-banking financial company.
In FY26 the Navi group reported operating revenue of ₹2,982 crore and a net loss of ₹466 crore. It reported break-even on a profit before tax basis in Q4 FY26 and a profit before tax of ₹104 crore in Q1 FY27 (unaudited).
Navi at a glance
| What it does | Loans, UPI, insurance and mutual funds |
|---|---|
| Founded | 2018 |
| Founders | Sachin Bansal and Ankit Agarwal |
| FY26 operating revenue | ₹2,982 crore (consolidated, Navi group) |
| FY26 net loss | ₹466 crore (consolidated, Navi group) |
| Lending book at the end of FY26 | ₹13,138 crore |
| Profit before tax, Q1 FY27 | ₹104 crore (unaudited) |
| Latest funding | $100 million from Prosus, announced in August 2026 |
| IPO status | Not filed. Reports say Navi plans to file fresh papers |
What Navi does
Navi offers lending, insurance, mutual funds and UPI payments across its offerings. Its lending company, Navi Finserv, gives personal loans and home loans.
Navi was India's fourth largest UPI app by transaction volume in FY26, with about 80 crore UPI transactions a month.
How Navi makes money
The Navi revenue model rests on loans. Navi Finserv earns interest on the loans it gives.
In FY26 the Navi group disbursed ₹23,332 crore of loans, and its lending book stood at ₹13,138 crore at the end of the year. Navi Finserv's gross NPA was 1.25% and net NPA was 0.16%.
How Navi Finserv reports its numbers
Navi Finserv reports standalone and consolidated figures. For FY26, standalone operating revenue was ₹2,461 crore with a profit after tax of ₹292.2 crore. Consolidated operating revenue was ₹2,691.5 crore with a profit after tax of ₹93.3 crore.
Navi Finserv's consolidated operating revenue of ₹2,691.5 crore is about 90% of the Navi group's operating revenue of ₹2,982 crore. The gap between Navi Finserv's profit after tax of ₹93.3 crore and the group's net loss of ₹466 crore shows that the two sets of results are reported separately.
Who leads Navi
Sachin Bansal is executive chairman of the Navi group. Rajiv Naresh is CEO of Navi Technologies and Abhishek Dwivedi is CEO of Navi Finserv. All three roles were set in February 2025.
Navi's Business Model Canvas
Navi revenue and net loss
The Navi group's consolidated net loss was ₹466 crore in FY26, against ₹126 crore in FY25. Operating revenue in FY26 was ₹2,982 crore.
Navi's journey so far
| When | What happened |
|---|---|
| 2018 | Sachin Bansal and Ankit Agarwal found Navi |
| March 2022 | Navi Technologies files draft papers for a ₹3,350 crore IPO |
| September 2022 | SEBI issues its observation letter on the draft papers |
| Late 2024 | The RBI pauses new loan sanctions, and lending resumes in December 2024 |
| February 2025 | Rajiv Naresh becomes CEO of Navi Technologies and Sachin Bansal executive chairman |
| August 2026 | Prosus agrees to invest $100 million in Navi |
Who Navi competes with
In UPI, Navi was the fourth largest app by transaction volume in FY26. In lending, Navi Finserv is a non-banking financial company that gives retail loans.
Challenges Navi faces
The RBI paused new loan sanctions by Navi's lending arm in late 2024, and lending resumed in December 2024. The group's net loss was ₹466 crore in FY26, against ₹126 crore in FY25. As of the latest reports, Navi had not yet filed fresh IPO papers.
Navi IPO and funding
Navi announced a $100 million investment from Prosus in August 2026.
Navi Technologies filed draft papers in March 2022 for a ₹3,350 crore IPO and did not launch the offer. Reports say Navi plans to file fresh papers in the coming months.
Conclusion on the Navi business model
Navi sells loans, UPI payments, insurance and mutual funds. Navi Finserv, its non-banking financial company, gives personal and home loans and earns interest on them.
In FY26 the Navi group reported operating revenue of ₹2,982 crore and a net loss of ₹466 crore, and its lending book was ₹13,138 crore at the end of the year.
