Nearly a year after a leadership reshuffle and coming out of RBI-imposed supervisory restrictions, fintech firm Navi says it has stabilised operations and sharpened execution across lending, payments and asset management.
Managing Director and CEO Rajiv Naresh says the company has emerged stronger from the regulatory setback, with improving credit metrics, rising UPI volumes and early traction in credit-on-UPI. In an interview with Ayanti Bera, Naresh outlines Navi’s recovery, growth priorities and listing plans. Excerpts:
Q. It’s been close to a year since you took over as CEO. How would you sum up the period?
It’s been a constructive year. I have been with Navi for about seven years and have worked across legal, UPI, investments, insurance and other non-lending businesses. Stepping into the CEO role expanded the scope significantly. If you look at where we were a year ago and where we are now, every business line is in a stronger position.
Brand awareness has improved, UPI market share has nearly doubled, we launched motor insurance, and our investment products continue to perform well.
Q. FY25 was impacted by the RBI’s regulatory action. How is the business placed in FY26?
The regulatory pause was a setback, but we responded quickly. The focus was on restoring confidence, engaging closely with the regulator and tightening internal processes. That phase helped us improve discipline across the organisation. As a result, the business is in much better shape today, both operationally and from a risk perspective.
Q. How has lending activity shaped up this year?
Credit quality has been strong. We have invested heavily in data science and collections, which has helped maintain asset quality without sharply increasing costs. Disbursements have continued to grow month-on-month, and momentum has picked up as the year has progressed.
Change in borrower profile
Q. Has there been any change in borrower profile?
Not materially, but quality has improved. Ticket sizes are rising because underwriting has become sharper. Over 80% of our borrowers are bank-grade customers with strong credit scores. Our core focus continues to be the emerging middle-class segment.
Q. Many fintechs are moving towards secured lending. Is Navi doing the same?
We already have secured products such as loans against property, but the portfolio is still predominantly unsecured. Over the next year, we will scale up secured lending, but we remain comfortable with the quality of our unsecured book. Data-led underwriting has helped reduce credit costs and improve collections efficiency.
Q. UPI has become a key growth driver for Navi. What has worked?
When we entered UPI, the market looked crowded. Our view was that the next phase of growth would come from credit on UPI. We focused on building a clean, reliable payment experience rather than aggressive rewards. That approach has worked. We are now doing around 700–750 million transactions a month.
Q. How is Trezo, your credit-on-UPI product, shaping up?
It’s still early days. We have about 65,000 customers, and usage is steadily rising. Customers are asking for higher limits and referrals are increasing. The big challenge is awareness, since credit lines are still a new concept for many users. We expect this business to scale meaningfully in 2026.
Focus on passive funds
Q. Will Navi continue to focus only on passive funds in asset management?
Passive funds were a conscious starting point because of their simplicity and transparency. Our funds have consistently ranked well on performance and cost. That said, we are now evaluating active strategies where our data capabilities can add value.
Q. Are IPO preparations underway?
Yes. We are in a much stronger position than a year ago. While there is no fixed timeline, the intent is clear. We are looking at a potential listing in the next 12 to 18 months.