Prosus to invest R1.6bn in Indian fintech firm Navi

Prosus will invest $100 million (R1.6 billion) in Indian financial-technology company Navi, marking the first institutional capital raise for the firm, according to an emailed statement from the company.

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The proposed investment is subject to customary closing conditions and regulatory approvals, including clearance from the Competition Commission of India, Navi said in a statement on Wednesday.

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Bengaluru-based Navi operates across payments, lending, insurance and mutual funds. Its UPI app ranked as India’s fourth largest during the fiscal year ended March, while Navi Finserv’s assets under management crossed 130 billion rupees

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