Indian fintech Navi has raised $100 million from Prosus, marking its first institutional funding since Flipkart co-founder Sachin Bansal started the company in 2018. The investment values the Bengaluru-based startup at about $1.3 billion, according to people familiar with the matter.
The funding is subject to customary closing conditions and regulatory approvals. It comes as Navi is reportedly preparing for an initial public offering that could raise ₹30 billion, or about $314 million.
Navi had sought institutional capital at a valuation of about $2 billion in 2024. Bansal previously financed much of the company himself, investing hundreds of millions of dollars after leaving Flipkart following its sale to Walmart.
Navi Is Reportedly Preparing Another IPO Attempt
Navi offers digital payments, lending, insurance, and mutual funds. Bansal has also sought to develop the company into a bank over time.
The startup previously filed for an IPO worth about $440 million in 2022 but abandoned those plans the following year as market conditions weakened. Its latest reported IPO preparations would give Navi another opportunity to access public markets.
Navi generated ₹30.91 billion, or about $323.33 million, in revenue during the financial year ended March 2026. Its net loss increased to ₹4.66 billion, or roughly $48.74 million, over the same period.
The company says it reached consolidated profitability during the fourth quarter of fiscal 2026.
Navi Has Become India’s Fourth-Largest UPI App
Navi’s app supports payments through India’s Unified Payments Interface and ranked as the country’s fourth-largest UPI app in July, behind PhonePe, Google Pay, and Paytm.
According to National Payments Corporation of India data, Navi processed more than 947 million transactions worth ₹483.18 billion, or about $5.05 billion, during the month.
Navi Finserv, the company’s lending division, has more than ₹130 billion, or about $1.4 billion, in assets under management. Navi also says it serves hundreds of millions of users across India.
The Prosus investment gives Navi its first major outside institutional backer after eight years of operating largely with Bansal’s capital. Prosus already has a substantial investment portfolio in India across technology and consumer internet businesses.
Bansal called the investment a strong endorsement of the company Navi is building and said it valued Prosus’ global experience scaling technology businesses. He did not comment on the reported $1.3 billion valuation.
Featured image credits: Crypto Briefing
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