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

Indian fintech startup Navi is set to raise $100 million in its first institutional funding round from Dutch technology investor Prosus NV, ahead of its planned initial public offering (IPO), according to a source familiar with the matter. The investment values Navi at approximately $1.3 billion, although the exact valuation at which Prosus made the investment is unknown.

Navi aims to achieve a valuation of around $2 billion during its IPO, as reported by The Economic Times. The company, founded in 2018 by Sachin Bansal, who is also a co-founder of Walmart-backed Indian e-commerce giant Flipkart, offers digital payment services, lending, mutual funds, and insurance through a digital platform. The investment is contingent upon obtaining regulatory approvals, including from the Competition Commission of India.