Fintech firm Navi Technologies, which was floated by former Flipkart co-founder, has raised Rs 170 crore in a debt funding round led by PhillipCapital.

NDX Finserve, Arpee Group, Ambit Finvest and Grey Grass India participated in the funding round, the Entrackr reported citing the company's  Registrar of Companies (RoC) filings.

RaviDyewear, Siddharth Colorchem, and Nahar Capital also contributed to the funding round.

PhillipCapital alone invested Rs 120 crore as part of this round.

Navi Technologies, which was founded by Bansal and Ankit Agarwal, has in the past years raised capital via issue of non-convertible debentures (NCDs). In May last year, it raised Rs 150 crore via issue of NCDs. Previously, it had raised Rs 500 crore in 2023 and Rs 600 crore in 2022.

Earlier this year, Bansal had told The Economic Times that the company is eyeing an initial public offering (IPO) in the second half of FY26. 

This is not the first time Navi is planning to float an IPO. In September 2022, the company had secured approval from the Securities and Exchange Board of India (SEBI) for a Rs 3350 crore public offering. However, the plan was shelved then.

Earlier in February, Bansal also stepped down from the CEO role to transition to the role of Executive Chairman. The company appointed Rajiv Naresh as the CEO of Navi Technologies and Abhishek Dwivedi as the CEO of Navi Finserv.