The Competition Commission of India (CCI) has cleared Prosus’ investment in Navi to acquire a minority interest in the IPO-bound fintech company.

“The Target is the holding company of the Navi Group, which offers financial services accessible through a single consumer-facing mobile app. The Target offers transparent, user-friendly financial products through its subsidiaries, all accessible via mobile devices,” the CCI said.

Global VC firm Prosus has invested $100 Mn (over ₹955 Cr) in Sachin Bansal-led fintech startup Navi, marking the latter’s first institutional capital raise.

The transaction is subject to customary closing conditions and regulatory approvals, including clearance from the Competition Commission of India (CCI), Navi said in a statement.

The fintech startup did not disclose the valuation at which Prosus is making the investment, the stake the investor will acquire, or how it plans to deploy the fresh capital.

“My association with Naspers and the Prosus Group dates back more than a decade, making this partnership particularly meaningful. Their investment is a strong endorsement of the institution we’re building at Navi,” cofounder and executive chairman Bansal said.

In a statement, Navi said that it is entering its next phase of growth with strong operating momentum across its businesses.

Ashutosh Sharma, head of Prosus India investments and M&A, said the investor was backing Navi on account of its large user base, multiple business lines, and technology-first approach.

“We believe the team has executed extremely well in the last 12 months despite a tough macro environment, which makes the company well-positioned to capture significant opportunities in the sector in times to come,” Sharma added.

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