Sachin Bansal, co-founder of Flipkart, has raised fresh funds for his fintech venture, Navi Technologies.
The company reportedly secured INR 170 crore (about $20 million) through a debt financing round led by PhillipCapital.
The funding round also included investments from NDX Financial Services, Arpee Commercial Company, Ambit Finvest, Grey Grass India, and others.
The Bengaluru-based company raised the money by issuing 1,700 non-convertible debentures (NCDs), each worth INR 10 lakh, according to filings with the Registrar of Companies (RoC).
PhillipCapital led the funding round by investing INR 120 crore through 1,200 non-convertible debentures (NCDs). Other investors, including NDX Financial Services, Arpee Commercial, Ambit Finvest, and Grey Grass India, each contributed ₹10 crore.
Siddharth Colorchem, Ravi Dyeware, and Nahar Capital invested the remaining INR 10 crore.
Founded in 2018, Navi is a fully digital financial services platform. Through its NBFC arm, Navi Finserv, it offers personal and home loans. Other parts of the company provide mutual funds, health insurance, and UPI payments through Navi UPI.
This latest funding follows recent leadership changes. Sachin Bansal is now the Executive Chairman, Rajiv Naresh has become CEO of Navi Technologies, and Abhishek Dwivedi is leading Navi Finserv.
In 2023, Navi raised INR 950 crore through NCDs and had plans to raise ₹600 crore more in 2024.
Although Navi Finserv faced a temporary lending pause by the RBI last year, it resumed operations after making the required changes. As of June 2025, Navi was the 4th-largest UPI app in India, handling 406 million transactions worth INR 21,815 crore.
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