The Competition Commission of India approved the proposal for Prosus to acquire a stake in Sachin Bansal-led Navi Ltd. This deal helps Prosus grow its presence in the Indian digital financial services market. Navi, founded in 2018, provides loans and insurance. The firm recently got USD 100 million from Prosus.
Synopsis
Competition Commission of India has approved Prosus' acquisition of a stake in Navi Ltd. This move aims to enhance Prosus' position in India's digital financial services market. MIH Payments Holdings BV, part of Prosus, will acquire certain shareholding in the fintech firm. Navi Ltd provides various financial services, including loans, insurance, and digital payments. This investment marks a significant milestone in Navi's growth after securing USD 100 million from Prosus.
New Delhi: Competition watchdog CCI has approved Dutch investment group Prosus' proposal to acquire a stake in Sachin Bansal-led fintech firm Navi Ltd, paving the way for the investment group to deepen its presence in India's digital financial services sector.
"The proposed combination involves the acquisition of certain shareholding in Navi Ltd (target) by MIH Payments Holdings BV (acquirer)," the regulator said in a release.
The Competition Commission of India (CCI) said it has approved the proposed deal.
MIH Payments Holdings BV does not undertake any business activity other than holding investments in its portfolio companies, which operate in India, the watchdog added.
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Prosus is a global consumer internet group and one of the world's largest technology investors. It is majority-owned by the South African multinational mass media company Naspers.
Bengaluru-based Navi is the holding company of the Navi Group, founded by Bansal in 2018 after leaving Flipkart following its sale to Walmart.
The fintech firm provides a range of financial services, including digital payments, lending, insurance, and mutual funds.
In August, Navi announced that it had raised USD 100 million from Prosus, marking the company's first institutional capital raise and strengthening its position as it looks to scale its digital financial services businesses.
Deals beyond a certain threshold need regulatory approval, which monitors unfair business practices and promotes fair competition in the marketplace.
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