Navi completes Rs 940 Cr Prosus round, its first institutional money, with Sachin Bansal still owning 84%

Navi, the fintech group founded by Flipkart co-founder Sachin Bansal, has allotted 23,94,29,444 compulsorily convertible preference shares at Rs 39.26 each to MIH Payments Holdings B.V., a Prosus subsidiary, raising about Rs 940 crore, according to regulatory filings reported by Entrackr on October 30. Prosus was the only investor in the round. Entrackr estimates the deal values Navi at Rs 13,192 crore, more than three times the Rs 4,260 crore of its previous round in April 2020.

The allotment closes a deal announced on August 19, when Navi said it would take a US$100 million investment from Prosus, its first institutional capital raise. Prosus said at the time that the transaction needed regulatory approvals, including clearance from the Competition Commission of India. BusinessLine and Moneycontrol both reported the August announcement, and Moneycontrol said the money came ahead of a planned IPO for which Navi had appointed JM Financial, Axis Bank, Goldman Sachs and JP Morgan.

Even after the round, Bansal holds 84.34% of the company, Entrackr reported, while Prosus becomes the largest outside shareholder with 8.59%. Co-founder and CFO Ankit Agarwal owns 0.85%. The filings say the money will go to business expansion, investments in subsidiaries and general corporate purposes.

Navi runs lending, insurance, mutual funds and a UPI payments app. In its August announcement Prosus said Navi UPI kept its place as India's fourth largest UPI app during FY26, that lending arm Navi Finserv crossed Rs 130 billion in assets under management, and that the group turned profitable at a consolidated level in the fourth quarter of FY26. The payments app works as a customer funnel for the lending and financial services business, Moneycontrol noted.

The Competition Commission of India has since cleared the deal. In a press release dated October 30, the regulator said it had approved the acquisition of certain shareholding in Navi Limited by MIH Payments Holdings B.V., which it described as an indirect wholly owned subsidiary of Prosus N.V. that holds investments in portfolio companies with business in India and does no other business itself. The CCI described Navi as the holding company of a group that offers financial services through a single consumer facing mobile app, and said a detailed order would follow. PIB carried the approval on October 31, and PTI reported it on November 1.