Navi raises $100 million funding from Prosus ahead of IPO

In its ‌first institutional funding round, Navi Limited has raised $100 million from Dutch investment firm Prosus. The deal comes as the Sachin Bansal-led fintech firm prepares to file documents for initial public offering.

While Navi did not disclose the valuation, according to ET, the deal values the fintech firm at around $1.3 billion. 

The transaction is subject to regulatory approvals, including from the Competition Commission of ⁠India.

Commenting on the development, Bansal said, “My association with Naspers and the Prosus Group dates back more than a decade, making this partnership particularly meaningful. Their investment is a strong endorsement of the institution we're building at Navi. Beyond the capital, we value Prosus's global perspective, long-term orientation and experience in scaling technology businesses, and look forward to partnering with them as we continue our growth journey.”

Ashutosh Sharma, head of Prosus India Investments and M&A, said, “We are excited about our partnership with Navi, a business that is demonstrating all the qualities we look for while investing - a large base of loyal users, a platform play with multiple lines of businesses, a technology-first approach to problem solving and a relentless focus on delivering superior consumer experience. We believe the team has executed extremely well in the last 12 months despite a tough macro environment which makes the company well-positioned to capture significant opportunities in the sector in times to come.”

Founded by Flipkart co-founder Sachin Bansal in 2018, Navi operates in lending, insurance, mutual funds and UPI payments space. In March 2022, the fintech had filed IPO papers, but later shelved the listing plans.