Rajiv Naresh, MD and CEO, Navi
“The second turning point of our journey is UPI,” Naresh said, pointing to the emergence of Navi UPI as a structural growth engine. Within two years, the app has scaled to a market share of 3.2 percent by transaction volume and 1.3 percent by value, becoming the fourth largest player in the ecosystem.
“You could argue that there is no room for a fourth player that can capture a market share of almost 4 percent in 18 months,” he said. “But consumers tell us they think our experience is faster and more seamless.”
Naresh added that the next phase will focus on embedding credit in the payments stack. “In my view, there will be no more efficient engine to deliver credit to the masses than credit on UPI,” he said, underscoring the company’s belief in converged payments and lending.
Lending and AMC: Quality, precision and scale
“Lending is our core,” Naresh said, noting that the company has recalibrated its loan portfolio to lower risk assets. The mix is now approximately 80 percent unsecured and 20 percent secured, with secured assets expected to grow further in absolute terms.
“The quality of our portfolio is on a continuous upward trajectory,” he said, signaling tighter underwriting and stronger governance frameworks in a tighter regulatory environment.
On the asset management side, Naresh said Navi Mutual Fund will build on its passive foundation while broadening its product offering.
“When it comes to Navi AMC, we have spent a lot of time mastering the precision of index investing, obsessing over every basis point to provide a reliable, low-cost gateway for Indian investors,” he said.
Looking ahead, the ambition is clear: “Over the next three years, we want to be among the fastest-growing AMCs, led by product innovation, digital expansion in B30 cities and a commitment to providing retail investors with the same advanced tools once reserved for institutions.”
Together, the strategy signals a shift from rapid expansion to disciplined scale, with credit-on-UPI, secured lending and retail-focused investments the pillars of Navi’s next growth cycle.
Published on February 18, 2026
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