CCI clears Prosus stake deal in Navi after a $100 million raise in August
The competition regulator has approved a proposal for MIH Payments Holdings BV to buy a stake in Sachin Bansal-led Navi Ltd.
The 30-second read
- The Competition Commission of India cleared Prosus' plan to take a stake in Navi Ltd.
- The named buyer is MIH Payments Holdings BV, first reported by The Economic Times.
- A $100 million raise from August was Navi's first institutional capital raise, per The Economic Times.
IllustrationThe Competition Commission of India (CCI) has approved a proposal by Prosus to acquire a stake in Navi Ltd. NewsBytes, The Economic Times and YourStory reported the approval. Navi offers digital payments, lending, insurance and mutual funds, and is led by Sachin Bansal.
The buyer in the filing is MIH Payments Holdings BV, with Navi Ltd as the target. This was first reported by The Economic Times. The regulator described the deal in these words: "The proposed combination involves the acquisition of certain shareholding in Navi Ltd (target) by MIH Payments Holdings BV (acquirer)," the Competition Commission of India said, as quoted by The Economic Times. The acquirer only holds investments in portfolio companies that operate in India.
The Economic Times and YourStory also reported a Prosus fundraise in Navi of $100 million, raised in August. The Economic Times reported that this was Navi's first institutional capital raise. Prosus is a Dutch investment group. Deals above a certain threshold need regulatory approval, which is why the CCI looked at this one.
Why it matters
The approval shows a global investor deepening its presence in India's digital financial services market. For Indian fintech founders, it signals continued foreign interest in the sector.
