CCI Clears Prosus' $100 Million Investment in Sachin Bansal's Navi

By Daniel Okafor

The Competition Commission of India has approved Prosus' $100 million investment in Navi, clearing the global investment firm to take a minority stake in the fintech founded by Sachin Bansal.

The approval removes the last regulatory barrier to a deal that marks Navi's first institutional fundraise. The transaction had been subject to regulatory approvals and customary closing conditions, according to the source report.

Navi did not disclose the valuation, the size of the stake, or the planned use of funds. That silence leaves the market reading the deal through its operating numbers instead.

What did the regulator say?

The CCI described Navi as the holding company of a group offering financial services through a single consumer-facing mobile application, per the report. Its subsidiaries provide digital financial products accessible through mobile devices.

That structure matters. One app, one brand, multiple licensed businesses underneath — lending, insurance, mutual funds and UPI payments. It is the model Prosus is now buying into.

Why did Prosus write the check?

Sachin Bansal, cofounder and executive chairman of Navi, said the partnership was significant given his association with Naspers and the Prosus Group spanning more than a decade. He added that the investment reflected confidence in the financial services institution the company was building.

The history runs deep. Bansal built Flipkart alongside Naspers-backed capital before founding Navi in 2018 with Ankit Agarwal. Prosus is now returning to back his second company.

Prosus said it backed Navi for its large user base, multiple business lines and technology-led approach. Ashutosh Sharma, head of Prosus India investments and M&A, noted that the company had delivered strong execution over the previous 12 months despite a challenging macroeconomic environment.

What do Navi's numbers show?

The execution claim has hard figures behind it. During FY26, Navi UPI strengthened its position in digital payments and remained India's fourth-largest third-party application provider by transaction volume. Navi Finserv, the lending arm, expanded its loan portfolio, with assets under management crossing Rs 13,000 crore.

The group also reported consolidated profitability in the fourth quarter of FY26, without disclosing figures.

The subsidiary results split in interesting ways:

• Navi Finserv standalone net profit: up 32% year-on-year to Rs 292.2 crore in FY26
• Navi Finserv standalone operating revenue: up 8% to Rs 2,461 crore
• Consolidated net profit: down 46% to Rs 93.3 crore
• Consolidated operating revenue: up 17% to Rs 2,691.5 crore

Standalone lending earned more while the wider group earned less. Consolidated revenue grew faster than standalone revenue, yet profit fell sharply — a gap that will draw scrutiny if Navi proceeds with a listing.

Is an IPO back on the table?

The Prosus money arrives as Navi reportedly prepares to revive its public listing plans. The company is considering refiling draft IPO papers with the Securities and Exchange Board of India by December 2026, per a media report.

The proposed offering is expected to include a fresh issue of around Rs 3,000 crore. Navi has reportedly appointed JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan as advisers.

This would be the second attempt. Navi filed draft papers with SEBI in 2022 for a Rs 3,350 crore IPO but shelved the plan amid unfavourable market conditions.

Who runs Navi now?

Bansal stepped down as CEO in February 2025 and took over as executive chairman. He cofounded the company in 2018 with Ankit Agarwal, after his years building Flipkart into India's largest e-commerce firm.

A $100 million check from Prosus, a profitable fourth quarter, and four investment banks on retainer together sketch the shape of Navi's next twelve months: a regulated march back toward the public markets, this time with institutional capital already on the register.