Flipkart co-founder Sachin Bansal's Navi raises Rs 170 crore in debt funding

Navi Technologies, the fintech firm founded by Flipkart co-founder Sachin Bansal, has reportedly raised Rs 170 crore (approximately $20 million) in a debt financing round led by PhillipCapital, with participation from NDX Financial Services, Arpee Group, and others. 

The capital infusion comes at a time when the Bengaluru-based firm is strengthening its lending operations and exploring strategic funding opportunities.

The board of Navi Finserv, a wholly-owned subsidiary of Navi Technologies, approved the allotment of 1,700 non-convertible debentures (NCDs) at a face value of Rs 10 lakh each, Entrackr reported, citing the regulatory filings accessed from the Registrar of Companies.

The report said that PhillipCapital accounted for the largest contribution in the round, investing Rs 120 crore through 1,200 NCDs. NDX Financial Services, Arpee Commercial Company, Ambit Finvest, and Grey Grass India each contributed Rs 10 crore, while the remaining Rs 10 crore was split among Siddharth Colorchem, Ravi Dyeware Company, and Nahar Capital & Financial Services.

Founded in 2018, Navi operates a vertically integrated digital financial services platform. Through its RBI-registered NBFC arm Navi Finserv, it offers personal and home loans, while its other entities provide mutual funds, health insurance, and UPI-based payment services via Navi UPI.

The latest funding round follows a broader leadership reshuffle announced earlier this year, with Bansal transitioning to the role of executive chairman. Rajiv Naresh was named CEO of Navi Technologies, while Abhishek Dwivedi took over as CEO of Navi Finserv.

The firm had previously raised Rs 950 crore through NCDs in 2023 and had outlined plans in February to raise another Rs 600 crore via similar instruments.

Despite regulatory setbacks last year, including a temporary Reserve Bank of India order halting Navi Finserv’s loan disbursals due to supervisory concerns, the NBFC was allowed to resume operations after implementing corrective measures. As of June 2025, Navi was the fourth-largest UPI app in India, facilitating 406 million transactions worth Rs 21,815 crore.