Sachin Bansal, founder, Navi
The investment values Navi at about $1.3 billion. At present, Navi offers loans, insurance, mutual funds, and UPI payments.
Mumbai: Sachin Bansal-promoted Indian fintech startup Navi said on Wednesday it will raise $100 million from Dutch e-commerce investor Prosus NV in its first institutional funding round, a deal that comes ahead of a planned initial public offering.
At present, Navi offers loans, insurance, mutual funds, and UPI payments.
The investment values Navi at about $1.3 billion, market sources said.
Navi is seeking a valuation of about $2 billion in the IPO, the source said, declining to be named because the information is confidential.
The investment was termed as “an important milestone” in Navi’s journey to build one of India’s leading technology-driven financial services institutions. At present, it offers loans, insurance, mutual funds, and UPI payments.
“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,” Bansal, the founder and executive chairman of Navi Group, said.
Bansal is also the co-founder of domestic e-commerce major Flipkart before its sale to Walmart.
For Prosus, Navi’s large base, multiple lines of businesses, technology-first approach and focus on consumer experience were a draw, its head of India investments and mergers and acquisition, Ashutosh Sharma, said.
He added that the company has done well over the past year despite the macroeconomic challenges.
Navi’s assets under management stand at Rs 13,000 crore and it also runs the fourth-largest unified payment interface app, the statement said.