Fintech unicorn Navi Technologies has raised Rs 170 crore or $20 million in a debt funding round led by PhillipCapital with the participation of NDX Finserve, Arpee Group and others.

The board at Navi Finserve allotted 1,700 non-convertible debentures at a face value of Rs 10,00,000 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows.

PhillipCapital led the round with an investment of Rs 120 crore (approximately $14 million), while NDX Finserve, Aarpee Group, Ambit Finvest, and Grey Grass India Pvt Ltd each contributed Rs 10 crore. The remaining amount was covered by RaviDyewear, Siddharth Colorchem, and Nahar Capital.

Founded in 2018 by Sachin Bansal and Ankit Agarwal, Navi operates a technology-driven, customer-centric financial services platform offering a wide range of financial products including personal and home loans through Navi Finserv, an RBI-registered NBFC.

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The company also provides mutual funds, health insurance, and UPI-based payment services via Navi UPI.

Earlier this year, Navi had appointed Rajiv Naresh as CEO of Navi Technologies and Abhishek Dwivedi as CEO of Navi Finserv. Sachin Bansal transitioned to Executive Chairman of Navi Group, continuing to lead its strategic direction.

For the Financial year ended March 2024, Navi’s revenue from operations rose 37 percent to Rs 2,290 crore from Rs 1,667 crore in FY23 as per its consolidated financial statements, while its profit jumped 17X to Rs 358.5 crore.

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As of June 2025, Navi ranks 4th among the top UPI apps, with 406 million transactions totaling Rs 21,815 crore in value.