Prosus gets regulator nod to acquire stake in Navi
What's the story
The Competition Commission of India (CCI) has approved Dutch investment group Prosus's proposal to acquire a stake in Navi Ltd. The deal is expected to strengthen Prosus's footprint in India's digital financial services sector. MIH Payments Holdings BV, part of Prosus, will acquire a certain shareholding in the fintech firm.
Strategic move
Navi raised $100 million from Prosus earlier this year
The deal comes as a major step in Navi's expansion journey, after raising $100 million from Prosus in August.
The Bengaluru-based company, founded by Sachin Bansal in 2018 after his exit from Flipkart, offers a range of financial services such as digital payments, lending, insurance and mutual funds.
The latest investment is expected to further bolster Navi's position in the digital financial services space.
Market influence
Prosus is one of the biggest tech investors globally
Prosus is a leading global consumer internet group and one of the biggest tech investors in the world.
The company is majority-owned by South African multinational media company Naspers.
The CCI noted that MIH Payments Holdings BV does not engage in any business activity other than holding investments in its portfolio companies, which operate in India.