Fintech Startup Navi Raises ₹170 Cr in Debt Round Led by PhillipCapital

Fintech unicorn Navi Technologies has secured ₹170 crore (approximately $20 million) in a debt funding round led by PhillipCapital, with participation from NDX Finserve, Aarpee Group, and other investors. According to a regulatory filing, Navi Finserv, the lending subsidiary of Navi, issued 1,700 non-convertible debentures (NCDs) at a face value of ₹10 lakh each to raise the funds.

Participants in the Funding Round

PhillipCapital contributed the lion’s share of ₹120 crore (~$14 million), while NDX Finserve, Aarpee Group, Ambit Finvest, and Grey Grass India Pvt Ltd each invested ₹10 crore. The remaining amount was funded by RaviDyewear, Siddharth Colorchem, and Nahar Capital.

About Navi Technologies Limited

Founded in 2018 by Sachin Bansal and Ankit Agarwal, Navi operates a technology-driven, customer-centric financial platform. Through Navi Finserv—an RBI-registered NBFC—it offers a range of products, including personal and home loans. Additionally, the company provides mutual funds, health insurance, and UPI-based payments via Navi UPI.

In early 2025, Navi underwent a leadership reshuffle. Rajiv Naresh was appointed CEO of Navi Technologies, while Abhishek Dwivedi took over as CEO of Navi Finserv. Co-founder Sachin Bansal transitioned to the role of Executive Chairman of the Navi Group, continuing to oversee strategic direction.

Also Read: New UPI Rules Set to Roll Out from August 1: Key Changes You Should Know

Strong Financial Performance and UPI Growth

For the fiscal year ending March 2024, Navi reported a 37% increase in operating revenue to ₹2,290 crore, up from ₹1,667 crore in FY23. Net profit surged 17x to ₹358.5 crore, highlighting improved efficiency and scalability.

As of June 2025, Navi has emerged as the fourth-largest UPI app in India, processing 406 million transactions worth ₹21,815 crore, further cementing its position in the digital payments space.

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