Sachin Bansal’s Navi Technologies, a fintech startup that offers customers insurance and loan products, has filed for a $440 million IPO as the 40-year-old entrepreneur who made his money by kick starting the e-commerce wave in the country once again makes a bold choice.

Navi Technologies’s initial public offering will consist entirely of new shares, and the startup may consider raising a pre-IPO placement, it said in its draft prospectus filed with the local regulator Saturday.

The IPO comes at a time when tech stocks – or most others – have plunged in recent months. All tech startups including Zomato, Paytm, Nykaa and PolicyBazaar that went public last year have traded at their lowest share prices in recent weeks.

But for Navi Technologies, which has been eyeing an initial public offering for more than a year, there’s also a sense of urgency in making the company public. The startup’s most recent attempt to raise money from SoftBank and other investors at over $4 billion valuation crumbled following its inability to secure a license to become a bank, according to two people familiar with the matter.

Founded in 2018, Navi offers digital personal loans, home loans and credit against property in the lending space. It also provides customers with health insurance and digital asset management with a passive fund focus. Thus far, the startup is nearly entirely funded by Bansal.

Billionaire Bansal, who co-founded Flipkart over a decade ago and was pushed out of the company before its sale to Walmart, and Navi have largely stayed off the limelight. The draft prospectus (PDF), for the first time, offers color on Navi's various businesses and its financial health.

“With its in-house NBFC (non-banking lender) arm, AI/ML-based underwriting and digital-only D2C approach, Navi has been able to exercise control over its lending products from sourcing, underwriting to the collection and offer a smooth experience to customers,” the startup describes itself in the draft prospectus.