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

Aug 19 : Indian fintech startup Navi said on Wednesday it will raise $100 million from Dutch technology investor Prosus NV in its first institutional funding round, a deal that comes ahead of a planned initial public offering, a source familiar with the matter said.

Reuters could not determine the valuation at which Prosus made the investment. The investment values Navi at about $1.3 billion, the Economic Times reported on Wednesday, citing a person with direct knowledge of the matter.

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 company did not immediately respond to a request for comment on its IPO plans or valuation.

Navi was founded in 2018 by Sachin Bansal, a co-founder of Walmart-backed Indian e-commerce firm Flipkart. The company offers digital payments, lending, mutual funds and insurance through a digital platform.

The investment is subject to regulatory approvals, including from the Competition Commission of India, Navi said in a statement.