Fintech unicorn Navi Technologies has secured ₹170 crore (approximately $20 million) through a debt funding round led by PhillipCapital, with participation from NDX Finserve, Arpee Group, and others.
According to a regulatory filing accessed via the Registrar of Companies (RoC), the board at Navi Finserve approved the allotment of 1,700 non-convertible debentures (NCDs) at a face value of ₹10 lakh each to raise the total amount. PhillipCapital contributed ₹120 crore (around $14 million), while NDX Finserve, Arpee Group, Ambit Finvest, and Grey Grass India Pvt Ltd each invested ₹10 crore. The remaining funds came from RaviDyewear, Siddharth Colorchem, and Nahar Capital.
Founded in 2018 by Sachin Bansal and Ankit Agarwal, the startup runs a tech-driven, customer-first financial services platform. Its offerings include personal and home loans through Navi Finserv (an RBI-registered NBFC), as well as mutual funds, health insurance, and UPI-based payments via Navi UPI.
Earlier this year, Navi appointed Rajiv Naresh as CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv, while Sachin Bansal assumed the role of Executive Chairman of the Navi Group to focus on strategic leadership.
For the fiscal year ending March 2024, Navi reported a 37% rise in operational revenue, reaching ₹2,290 crore compared to ₹1,667 crore in FY23. Its net profit surged 17-fold to ₹358.5 crore.
As of June 2025, Navi ranks as the 4th most-used UPI app in India, processing 406 million transactions with a total value of ₹21,815 crore.
