Indian fintech Navi, founded by Flipkart co-founder Sachin Bansal, has secured its first institutional funding, taking $100 million from investment firm Prosus. The deal values the eight-year-old, Bengaluru-based company at roughly $1.3 billion, a step down from the $2 billion valuation it had been targeting when it first sought outside investors in 2024, and comes as Navi prepares for a stock market listing.

Bansal, who left Flipkart in 2018 after selling his stake ahead of Walmart's $16 billion majority acquisition, founded Navi that same year and initially funded it largely with his own money, with ambitions to eventually build it into a bank. The company offers payments, lending, insurance and mutual fund services, and is India's fourth-largest UPI payments app behind PhonePe, Google Pay and Paytm, processing over 947 million transactions worth around $5.05 billion in July alone. In the year to March 2026, Navi generated roughly $323 million in revenue but posted a net loss of about $48.7 million, though it says it reached consolidated profitability in the final quarter. The Prosus investment, still subject to regulatory approval, comes as Navi eyes an IPO to raise about $314 million, having previously abandoned a larger $440 million listing plan in 2023 amid a weak IPO market.