Navi Technologies, the Bengaluru-based fintech powerhouse founded by Flipkart co-founder Sachin Bansal, has successfully raised Rs 170 crore (approximately $20 million) through a fresh debt funding round. Leading this capital infusion is PhillipCapital, which contributed the largest share of Rs 120 crore. Other institutional investors including NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India collectively added Rs 40 crore, while the remaining Rs 10 crore came from smaller investors such as Siddharth Colorchem, Ravi Dyeware Company, and Nahar Capital and Financial Services.
Strengthening Lending Operations with Debt Financing
This funding round comes at a strategic time as Navi Technologies intensifies efforts to bolster its lending business through its RBI-registered NBFC arm, Navi Finserv. The company has focused on expanding digital financial offerings, including personal and home loans, mutual funds, health insurance, and UPI-based payments with Navi UPI. The issuance involved 1,700 non-convertible debentures (NCDs) at a face value of Rs 10 lakh each, approved by the board of Navi Finserv.
Leadership Reshuffle Fuels Growth Vision
Earlier in 2025, Navi underwent a significant leadership transition, with Sachin Bansal shifting to the executive chairman role to steer long-term strategy. Rajiv Naresh was appointed as the CEO of Navi Technologies, while Abhishek Dwivedi took charge as CEO of Navi Finserv. This change aims to sharpen company operations and deepen market penetration amid growing competitive pressures in India’s fintech sector.
Robust Financial Performance and Market Position
Navi Technologies has reported strong financial growth, with FY24 revenues rising 37% to Rs 2,290 crore compared to the previous year, and profit surging 17 times to Rs 358.5 crore. Despite challenges such as the Reserve Bank of India’s temporary lending freeze on Navi Finserv due to regulatory concerns last year, the company resumed operations after implementing necessary compliance measures. As of June 2025, Navi ranks as the fourth-largest UPI payments application in India, facilitating over 406 million transactions valued at Rs 21,815 crore, underscoring its solid foothold in the digital payments ecosystem.
Forward-Looking Plans and IPO Ambitions
Sachin Bansal and his team have expressed aspirations to take Navi public by FY26, viewing the capital markets as an important avenue to support the company’s growth trajectory. The recent debt raise is part of the broader capital strategy to strengthen Navi’s financial base and fuel continued innovation in India’s fast-evolving fintech landscape.
In summary, Navi Technologies’ Rs 170 crore debt funding round led by PhillipCapital exemplifies investor confidence in Sachin Bansal’s fintech vision, offering fresh momentum to scale lending and digital finance services across India. The company’s leadership transitions, solid financials, and regulatory compliances position it well on the path to becoming a dominant integrated digital financial platform in the country.