Indian fintech startup Navi has secured $100 million from Prosus, marking its first institutional funding since its founding in 2018. The investment values the eight-year-old firm at approximately $1.3 billion.

Navi was founded by Sachin Bansal, co-founder of Flipkart, following his exit from the company after it was sold to Walmart for a staggering $16 billion. This latest round brings Navi closer to its ambitious plans, including an initial public offering that could raise around $314 million.

The app, part of Navi Finserv’s suite of services, is the fourth-largest Unified Payments Interface (UPI) app in India, processing over 947 million transactions valued at $5.05 billion in July alone. Navi’s lending arm boasts assets under management worth approximately $1.4 billion and serves hundreds of millions of users.

Bansal highlighted the importance of global perspective and experience in scaling technology businesses that Prosus brings to the table, despite valuing the company at a lower figure than originally sought.