Prosus is putting $100mn into Navi, at a lower price than it once wanted

Prosus is investing $100 million in Indian fintech Navi, valuing the eight-year-old firm at about $1.3 billion, below its earlier $2 billion target. Founded by Flipkart co-founder Sachin Bansal, Navi’s UPI payments app ranked fourth in India, handling 947 million transactions worth roughly $5 billion in July. The company also offers lending, insurance and mutual-fund services, recently posted profitability and a 32% net-profit increase in its lending division, and the deal awaits regulatory approval.