Navi Technologies, the fintech venture founded by Flipkart co-founder Sachin Bansal, has secured ₹170 crore (~$20 million) in debt funding, led by PhillipCapital. Other participants in the round include NDX Financial Services, Arpee Group, Ambit Finvest, and Grey Grass India, among others.
The funds were raised through the allotment of 1,700 non-convertible debentures (NCDs) via Navi’s lending arm Navi Finserv, an RBI-registered NBFC. According to regulatory filings cited by Entrackr, PhillipCapital contributed the bulk—₹120 crore—through 1,200 NCDs.
The capital infusion comes as Bengaluru-based Navi doubles down on expanding its digital lending, mutual fund, insurance, and UPI-based payment services, amid a broader push for strategic growth.
Founded in 2018, Navi operates a vertically integrated fintech platform, offering personal and home loans, health insurance, and digital payments via Navi UPI, which facilitated over 406 million transactions worth ₹21,815 crore as of June 2025—making it the fourth-largest UPI app in India.
Earlier this year, Sachin Bansal transitioned to the role of Executive Chairman, with Rajiv Naresh taking over as CEO of Navi Technologies and Abhishek Dwivedi stepping in as CEO of Navi Finserv.
This round follows Navi’s prior ₹950 crore NCD raise in 2023 and plans to raise an additional ₹600 crore through debt instruments announced in February 2025. The firm has rebounded from regulatory hurdles last year, with Navi Finserv resuming operations post-RBI compliance.
 in debt funding...){kind=link}