Prosus investment in Sachin Bansal's Navi gets CCI nod
CCI has approved Prosus’ proposal to acquire a stake in Navi Ltd, following the fintech firm’s $100 million fundraise from the Dutch investment group in August. The deal will deepen Prosus’ presence in India’s digital financial services sector.
The Competition Commission of India (CCI) has given its approval to Dutch investment group Prosus' plan to acquire a stake in fintech firm Navi Ltd, led by Sachin Bansal. This move is expected to enhance Prosus' presence in India's digital financial services industry. The deal involves MIH Payments Holdings BV, which solely holds investments in its portfolio companies operating in India.
Prosus, a global consumer internet group and the largest technology investor in the world, majority-owned by Naspers, is the parent company of Navi. Navi, based in Bengaluru, offers various financial services such as digital payments, lending, insurance, and mutual funds. In August, Navi raised $100 million from Prosus, marking its first institutional capital raise.
Regulatory approval is required for deals surpassing a certain threshold, which ensures fair business practices and promotes competition in the marketplace.
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