Sachin Bansal's Navi raises $100M from Prosus in first institutional round ahead of IPO
Sachin Bansal’s Navi raises $100M from Prosus in first institutional round ahead of IPO #
Navi, the Bengaluru-based digital financial services platform founded by Flipkart co-founder Sachin Bansal, has secured $100 million in its first institutional funding round. The investment comes from Amsterdam-listed technology group Prosus.
The deal values Navi at approximately $1.3 billion, according to sources familiar with the matter, down from the roughly $2 billion valuation at which the company had sought to raise capital in 2024. The investment is being made through MIH Payments Holdings BV, an indirect wholly owned subsidiary of Prosus, and remains subject to standard closing conditions and regulatory approvals, including clearance from India’s Competition Commission.
Navi was established in 2018 after Bansal departed Flipkart following the e-commerce company’s acquisition by Walmart. The startup offers UPI-based payments, consumer lending through its non-banking financial company arm Navi Finserv, insurance, and mutual funds. For the first eight years of its existence, Navi relied almost entirely on founder capital. Its UPI app is India’s fourth-largest by transaction volume, behind PhonePe, Google Pay, and Paytm, and processed more than 947 million transactions in July alone.
The investment comes as Navi prepares for a public listing. Reports indicate the company is targeting roughly ₹30 billion (around $314 million) in an initial public offering, having abandoned an earlier attempt at a $440 million listing in 2023 when market conditions soured. Navi reported consolidated profitability in the fourth quarter of fiscal year 2026, and its lending arm has grown assets under management to more than ₹130 billion (around $1.4 billion).
Prosus has previously backed several Indian platforms, including food delivery company Swiggy, social commerce firm Meesho, and payments business PayU. Ashutosh Sharma, Prosus’s head of India investments and M&A, said the firm was drawn to Navi’s user base, its multi-product platform model, and its technology-first approach to financial services. He also cited the team’s execution over the past year despite a difficult macroeconomic environment.
Bansal noted his long-standing relationship with the Naspers and Prosus network, which backed Flipkart during its early years, and described the deal as an endorsement of Navi’s ambition to become a leading technology-driven financial institution in India. The capital is expected to support expansion in payments and lending and to strengthen the company’s balance sheet ahead of the listing.
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