Navi Technologies, a fintech unicorn, has raised Rs 170 crore ($20 million) in a debt funding round led by PhillipCapital, with participation from NDX Finserve, Arpee Group, and others.

According to its regulatory filing that was acquired from the Registrar of Companies (RoC), the board of Navi Finserve issued 1,700 non-convertible debentures at a face value of Rs 10,00,000 each in order to raise the aforementioned sum.

Key Highlights

• Navi Finserv raised ₹150 crore through a private NCD placement, not ₹170 crore as reported.
• This debt financing round adds to Navi’s previous ₹950 crore NCD issuances, bolstering lending expansion. 

NDX Finserve, Aarpee Group, Ambit Finvest, and Grey Grass India Pvt Ltd each contributed Rs 10 crore, with PhillipCapital leading the round with an investment of Rs 120 crore (roughly $14 million). Siddharth Colorchem, Nahar Capital, and RaviDyewear paid the remaining sum.

Founded in 2018 by Ankit Agarwal and Sachin Bansal, Navi Finserv is an RBI-registered NBFC that offers a variety of financial products, including personal and home loans. Navi is a technology-driven, customer-focused financial services platform. Additionally, the business offers health insurance, mutual funds, and UPI-based payment services through Navi UPI.

Navi appointed Abhishek Dwivedi as CEO of Navi Finserv and Rajiv Naresh as CEO of Navi Technologies earlier this year. Sachin Bansal continued to guide Navi Group's strategic direction after becoming Executive Chairman.

Also Read: New UPI Rules Effective August 1: All You Need to Know

For the fiscal year that concluded in March 2024, Navi's operating revenue climbed 37% to Rs 2,290 crore from Rs 1,667 crore in FY23, while its profit increased 17X to Rs 358.5 crore, according to its consolidated financial statements.

As of June 2025, with 406 million transactions totaling Rs 21,815 crore, Navi is the fourth-ranked UPI app.