FinTech company Navi Technologies has raised roughly in $394.2m in a new venture round led by Sachin Bansal, the co-founder of Indian e-commerce giant Flipkart.
Bansal invested $33m in cash and $350,71m into the company, according to Entrackr. The rest was invested by Navi Technologies’ founder Ankit Aggarwal, the former HDFC Bank managing director B. Paresh Suthankar, as well as the founders of NBFC CRIDS.
The Bengaluru-based startup is building consumer-centric and technology-driven businesses in the banking, financial services and insurance space. It was founded in 2018.
The news comes after FinTech Global’s research revealed that India’s FInTech activity has doubled in the past five years. There were only 87 noteworthy FinTech deals in the country in 2015. That number skyrocketed to 154 deals in 2019.
In total, Indian FinTech companies raised over $18.6bn across 563 transactions between in the period. This represents a compound annual growth rate of 19.1% for FinTech investments between 2015 and 2019. Furthermore, FinTech Global’s research revealed that the average deal size grew from $32.1m in 2015 to $38.9m in 2019, indicating that the Indian FinTech sector has matured over the period.
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