CCI Approves Prosus Investment in Sachin Bansal’s Navi

The Competition Commission of India (CCI) has cleared investment group Prosus’ proposal to acquire a stake in Navi Ltd, the fintech company founded by Flipkart co-founder Sachin Bansal. The approval paves the way for Prosus to expand its presence in India’s digital financial services market.

In a statement, the competition regulator said the proposed transaction involves MIH Payments Holdings BV acquiring a shareholding in Navi Ltd. MIH Payments Holdings BV is the investment arm through which Prosus holds stakes in its portfolio companies.

The CCI also noted that MIH Payments Holdings BV does not carry out any business activities of its own, apart from holding investments in companies operating in India.

Prosus is a significant technological investor and a global consumer internet group. It is majority-owned by South African multinational media company Naspers and has investments across several digital businesses.

Bengaluru-based Navi serves as the holding company for the Navi Group, which Bansal established in 2018 after stepping down from Flipkart following Walmart’s acquisition of the ecommerce company.

Navi operates across several financial services segments, including digital payments, lending, insurance and mutual funds. The company has been working to expand its digital-first financial services offerings.

In August, Navi announced that it had secured $100 million in funding from Prosus. The investment marked Navi’s first institutional fundraise and was intended to support the expansion of its financial services businesses.

The latest CCI approval follows that investment announcement and clears an important regulatory step in the transaction.

Under India’s competition regulations, certain transactions involving acquisitions or changes in shareholding require CCI approval. The regulator reviews these deals to ensure they do not weaken competition or create conditions that could lead to unfair business practices in the market.