Two former senior executives of Indian fintech unicorn Navi, Shobhit Agarwal and Apurv Anand, are launching a new asset management venture offering portfolio management services (PMS), according to Moneycontrol.

The company has yet to apply for regulatory approval from Securities and Exchange Board of India (SEBI) or register with the corporate affairs ministry, a process expected to take two months.

Discussions for seed funding are ongoing.

Agarwal, previously vice president of Navi’s lending and borrowing business, resigned earlier this month after nearly seven years. Anand, who was vice president for over three years, left in August 2024.

Anand, an IIT Delhi alumnus, co-founded AI startup SigTuple and launched Mirable Health.

Agarwal, a chartered accountant from the University of Delhi, held roles at Deutsche Bank and Standard Chartered before joining Navi in 2018.

This move comes as Navi prepares for a potential IPO in the second half of FY26. The company, founded by Sachin Bansal in 2018, offers loans, UPI, insurance, and mutual fund investments.