Indian fintech Navi to raise $100 million ahead of planned IPO

Indian fintech startup Navi plans to raise $100 million in its first institutional funding round from Dutch tech investor Prosus NV, a source close to the deal said. This funding move comes before Navi's planned initial public offering (IPO). While the exact valuation for Prosus's investment remains undisclosed, financial news outlet The Economic Times reported that the company is valued at approximately $1.3 billion based on the investment received.

Navi aims to achieve a valuation of $2 billion during the IPO process, according to a knowledgeable source who requested anonymity due to the sensitive nature of the information. The company's IPO plans and valuation have not been confirmed by Navi as of yet. Founded in 2018 by Sachin Bansal, a co-founder of Flipkart, a firm backed by Walmart, Navi provides digital payment solutions, lending services, mutual funds, and insurance via a digital platform.

Prosus's investment is contingent upon obtaining regulatory approvals, including clearance from the Competition Commission of India, as the company disclosed in a statement.