House loans and insurance companies pull the Navi of Sachin Bansal into the slow lane

The financial services company Navi Finserv, founded by Sachin Bansal, a cofounder of Flipkart, is stuck in the slow lane. Two of its key products, house loans and insurance, have yet to take off significantly.According to three persons with knowledge, Navi Finserv had hoped to increase its home loan disbursal to Rs 200 crore per month by 2022, but such expansion has proven elusive. They said that the company's general insurance business has been flat for a few years and has slowed down much more this year.One of the individuals with knowledge of the initiative stated, "Navi wanted to build a digital first home loan business, but that has not worked out yet and is operating at a very limited scale."In response to questions from ET, a Navi representative stated that the company's home loan business has been growing due to rising demand.

According to the individual with knowledge of the development, Navi Finserv may need to reconsider its procedures going forward in order to incorporate more physical systems and feet on the ground for the home lending business. He clarified that in order to facilitate the creation of a bank of large housing projects that have been pre-approved, cu.In 2018, Bansal established Navi and funded the business with the money he received from selling Walmart his share of Flipkart. Although Bansal's plans to become a banker were dashed when the central bank refused to grant him a licence, he still intended to create a digitally first finserv platform that would provide a range of goods from insurance to loans.