Navi, the fintech startup led by Flipkart co-founder Sachin Bansal, is in advanced discussions to raise around $40 million (approximately Rs 380 crore) from venture capital firm Elevation, as the company steps up fundraising ahead of a potential initial public offering (IPO).
The proposed investment comes just two months after Navi secured $100 million (around Rs 950 crore) from Prosus in its first institutional fundraise. The latest round is expected to be a separate investment, with the company reportedly valued at around $1.4-1.5 billion (approximately Rs 13,300-14,300 crore).
The valuation would remain largely unchanged from previous negotiations, indicating that Navi is seeking fresh capital while maintaining its existing valuation level. The investment is likely to be routed through Elevation Holdings, the venture capital firm’s late-stage investment arm.
Credits: Retail Banker International
Elevation raised a separate $400 million fund in August 2025 to expand its late-stage investments, allowing it to back more mature businesses with larger capital commitments. Its main fund continues to focus on early-stage companies, including through its $500 million Fund IX, raised in July 2025.
Navi Accelerates Pre-IPO Fundraising Plans
The proposed Elevation investment comes as Navi prepares for a potential stock market debut. The fintech company is reportedly targeting an IPO worth around $300 million (Rs 3,000 crore), with the listing expected to value the business at approximately $2 billion.
Navi has appointed JM Financial, Axis Bank, Goldman Sachs and JPMorgan as investment bankers for the proposed offering. A fresh capital infusion before the IPO could strengthen its financial position as it continues to expand its lending and payments businesses.
The company has established a presence across multiple segments of India’s digital financial services market. Navi UPI retained its position as the country’s fourth-largest UPI application in FY26, while Navi Finserv’s assets under management crossed Rs 13,000 crore during the financial year.
Navi also reported consolidated profitability in the fourth quarter of FY26, providing an important financial milestone as it prepares for a possible public listing.
Founded by Sachin Bansal, Navi operates across digital lending, payments and other financial services. Its combination of consumer-facing technology and lending operations places it in a competitive market where customer acquisition, risk management and sustainable profitability remain important to investors.
India’s Fintech Funding Momentum Gains Pace
Navi’s proposed fundraise is part of a broader increase in investment discussions across India’s fintech ecosystem. At least nine funding conversations have emerged in less than 45 days, spanning digital lending, payments, wealth management, savings and financial infrastructure.
AI-powered credit management platform Oolka is reportedly in talks to raise around $45 million from Bessemer Venture Partners and Prosus, with existing investors Accel and Lightspeed also participating in discussions. The proposed round values the company at approximately $200 million, more than twice its valuation less than six months earlier.
Meanwhile, savings and investment platform Bachatt is seeking around $30 million from Northpoint Capital and Prosus. Financial infrastructure company NexEdge has closed a $20 million funding round from Elev8 Venture Partners and Mirae Asset Ventures, while TBX, formerly TransBnk, is seeking around $35 million from Unbound and other investors.
Other emerging deals include Vegapay’s discussions for a $15-20 million round with Prosus and other investors, PowerUp Money’s reported plan to raise around $10 million from Flourish Ventures, and Rovia’s effort to secure $5-6 million from SIG’s venture arm.
Prosus and Elevation Target Emerging Fintech Opportunities
Prosus has emerged as a particularly active investor in the latest funding cycle, with investment activity spanning Navi, Bachatt, Vegapay and Oolka. Its recent interest reflects growing attention towards consumer fintech businesses that combine financial services with artificial intelligence and technology-led distribution.
Such companies could benefit from India’s expanding digital payments infrastructure, growing demand for online financial products and increasing adoption of technology-driven credit and wealth management services.
However, the renewed investment activity does not signal a return to the aggressive valuations seen during the 2021-22 startup funding boom.
Slice’s recent $100 million fundraise at a $450 million valuation, nearly 68% below its previous peak valuation of $1.4 billion, highlights how investors continue to scrutinise valuations and business fundamentals. In contrast, newer companies such as Oolka and Bachatt are attracting higher valuations as investors compete for businesses aligned with current investment priorities.
The emerging trend points towards a more selective fintech funding environment rather than an indiscriminate revival. For Navi, the proposed Elevation investment could provide additional capital ahead of its IPO, while its ability to sustain profitability, expand its lending portfolio and scale its payments business will remain central to its long-term valuation prospects.
