Indian fintech company Navi has raised $100 million from Prosus, marking its first institutional funding round. The eight-year-old startup, founded by Flipkart co-founder Sachin Bansal, is now valued at approximately $1.3 billion, according to sources familiar with the matter.
The deal comes after the Bengaluru-based firm previously sought external capital at a valuation of about $2 billion in 2024. This latest investment is seen as a strategic milestone, aligning with Navi's reported plans to go public and raise βΉ30 billion (roughly $314 million) through an initial public offering (IPO). Earlier, Navi had filed for a $440 million IPO in 2022 but shelved it the following year amid a market downturn.
Background: From Flipkart to Navi
Bansal co-founded Flipkart in 2007 with Binny Bansal, transforming the online bookstore into India's leading e-commerce platform. He exited Flipkart in 2018, selling his stake shortly before Walmart completed its $16 billion acquisition of a majority share. Following his departure, Bansal launched Navi, investing hundreds of millions of dollars of his own money into the venture, with ambitions to eventually build a full-fledged bank.
Current Performance and Financials
Navi offers a wide range of financial services, including digital payments, lending, insurance, and mutual funds. In the fiscal year ending March 2026, the company reported revenue of βΉ30.91 billion (approximately $323 million), while its net loss widened to βΉ4.66 billion (around $48.7 million).
The company's UPI-based app ranks as India's fourth-largest, trailing PhonePe, Google Pay, and Paytm. In July 2026 alone, it processed over 947 million transactions worth βΉ483.18 billion (about $5.05 billion), according to data from the National Payments Corporation of India (NPCI).
Navi's lending arm, Navi Finserv, holds more than βΉ130 billion (approximately $1.4 billion) in assets under management. The startup claims to serve hundreds of millions of users across India and achieved consolidated profitability in the fourth quarter of fiscal 2026.
Strategic Significance
Commenting on the investment, Bansal described it as a "strong endorsement" of the institution Navi is building, adding that the startup values Prosus's global perspective and experience in scaling technology businesses. He did not respond to requests for comment on the valuation.
The investment is subject to customary closing conditions and regulatory approvals, and comes at a pivotal time as Navi prepares for its IPO, signaling renewed investor confidence in India's fintech sector.
via TechCrunch