Sachin Bansal’s Navi Technologies raises Rs 170 crore in debt round

flipkart cofounder Sachin Bansal’s fintech venture Navi Technologies as reportedly raised Rs 170 crore (approximately $20 million) in a debt financing round led by PhillipCapital.

The round also saw participation from NDX Financial Services, Arpee Commercial Company, Ambit Finvest and Grey Grass India, among others.

Bengaluru-based company has raised funds by issuing 1,700 non-convertible debentures (NCDs), each worth ₹10 lakh, according to RoC filings.

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PhillipCapital led the round, investing ₹120 crore through 1,200 NCDs. Other investors like NDX Financial Services, Arpee Commercial, Ambit Finvest, and Grey Grass India added ₹10 crore each. The remaining ₹10 crore came from Siddharth Colorchem, Ravi Dyeware and Nahar Capital.

About Navi 

Founded in 2018, Navi runs a fully digital financial services platform. Through its NBFC arm, Navi Finserv, it offers personal and home loans. Its other companies offer mutual funds, health insurance and UPI payments via Navi UPI.

This funding comes after a leadership reshuffle: Sachin Bansal became executive chairman, Rajiv Naresh is now CEO of Navi Technologies, and Abhishek Dwivedi leads Navi Finserv.

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Navi raised Rs 950 crore in NCDs in 2023 and aimed to raise ₹600 crore more in 2024.

Though Navi Finserv faced a temporary RBI pause on lending last year, it resumed after making changes. As of June 2025, Navi was India’s 4th-largest UPI app with 406 million transactions worth Rs 21,815 crore.