Navi's first institutional raise lands at $1.3B — 35% below target

Sachin Bansal's Navi raised $100 million from Prosus at a ~$1.3 billion valuation, down from the $1.8–2 billion it sought in 2024. India's fourth-largest UPI app by transaction volume still posted a $48.7M net loss for FY2026 despite claiming Q4 profitability. The gap signals that UPI scale alone isn't enough to sustain target valuations in Indian fintech.