Indian fintech startup Navi has raised $100 million from Dutch technology investor Prosus NV, marking the Bengaluru-based company’s first institutional funding round since its founding in 2018. The investment comes as Navi prepares to file for an initial public offering this fiscal year, according to people familiar with the matter.
The deal values Navi at approximately $1.3 billion, according to the Economic Times, which cited a person with direct knowledge of the transaction. Navi had previously sought to raise external capital at a valuation of about $2 billion in 2024, according to people familiar with the discussions. A source told Reuters that Navi is now targeting a valuation of roughly $2 billion for the planned IPO, though the company declined to comment on its listing plans or valuation.
The investment is subject to regulatory approvals, including clearance from the Competition Commission of India, Navi said in a statement. The company said the fresh capital will be used to fuel its next phase of growth.
Sachin Bansal, who co-founded Flipkart with Binny Bansal in 2007 and helped build it into India’s leading e-commerce company, launched Navi after exiting Flipkart in 2018, the same year Walmart acquired a majority stake in the firm for $16 billion. Bansal has poured hundreds of millions of dollars of his own money into Navi, which he has sought to eventually build into a bank.
“My association with Naspers and the Prosus Group dates back more than a decade, making this partnership particularly meaningful,” Bansal said in a statement. “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.”
Prosus was also an early investor in Flipkart, having first backed the company in 2012. That shared history adds a layer of familiarity to the new partnership. Ashutosh Sharma, head of Prosus India investments and M&A, said the investor was drawn to Navi’s “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,” Sharma added.
Navi operates across digital payments, lending, mutual funds, and insurance through its digital platform. Its app, which offers payments through India’s Unified Payments Interface, is the country’s fourth-largest UPI app by transaction volume, trailing only Walmart-owned PhonePe, Google Pay, and Paytm. In July, the app processed more than 947 million transactions valued at 483.18 billion rupees, or about $5.05 billion, according to data from the National Payments Corporation of India.
The company’s lending arm, Navi Finserv, has surpassed 130 billion rupees in assets under management, equivalent to roughly $1.4 billion. Navi reported consolidated profitability in the fourth quarter of fiscal 2026, ending March 31.
Financial performance has been mixed. In the fiscal year ended March 2026, Navi generated revenue of 30.91 billion rupees, approximately $323 million, while its net loss widened to 4.66 billion rupees, around $48.7 million, according to startup intelligence platform Tracxn. For fiscal 2025, revenue stood at $318 million with losses of $14.9 million.
The funding round marks a significant milestone for a company that has until now been largely self-funded by its founder. Navi had previously filed for an IPO in March 2022, seeking to raise up to 33.5 billion rupees, but shelved those plans amid market volatility. On its second attempt, the company is emphasizing profitability and a diversified business mix.
In February 2025, Navi appointed Rajiv Naresh as chief executive of Navi Technologies, while Abhishek Dwivedi took the helm of Navi Finserv. Bansal moved into the role of executive chairman of the Navi Group, a structure that allows him to focus on strategic direction while professional managers run day-to-day operations.
The Prosus investment signals growing institutional confidence in India’s fintech sector, which has seen renewed investor interest as companies demonstrate clearer paths to profitability. For Navi, the capital injection provides a runway to scale operations ahead of what could be one of India’s more closely watched fintech listings in the coming year.
