The Competition Commission of India (CCI) has approved MIH Payments Holdings BV’s plan to buy a stake in Navi Ltd, a Bengaluru-based fintech holding company founded by Sachin Bansal.

The deal would expand Prosus’s presence in India’s digital financial services market.

The regulator said the transaction covers MIH Payments Holdings BV’s share purchase in Navi. MIH Payments Holdings BV is an investment vehicle of Prosus, a Dutch technology investor majority owned by South Africa’s Naspers.

Navi was founded in 2018 after Bansal left Flipkart following its sale to Walmart. The company offers digital payments, lending, insurance, and mutual funds.

In August, Prosus proposed investing US$100 million in Navi in what it said was Navi’s first institutional capital raise.

The transaction would add to Prosus’s India fintech expansion, where PayU operates in payments, and Prosus said it planned to scale credit in India.

🔗 Source: YourStory