Sachin Bansal's Navi Finserv has surpassed Amazon Pay to become the sixth-largest player in the UPI market.

Navi Finserv saw a significant increase in customer-initiated transactions, reaching 88.71 million in August, up from 68.47 million in the previous month. This growth has pushed the fintech unicorn ahead of Amazon Pay UPI, which recorded 70.72 million transactions in August. At the top of the UPI ecosystem, Walmart-owned PhonePe leads with 7.2 billion transactions, followed by Google Pay with 5.5 billion.

Navi Finserv, co-founded by Sachin Bansal and Ankit Agarwal in 2012, focuses on digital lending, offering products like personal, vehicle, and home loans. It holds an NBFC license and has become India’s sixth-largest company on the Unified Payment Interface (UPI). The company recorded INR 4,651.32 crore in UPI transaction value in August.

Recently, Navi Finserv brought on former RBI official Anil Kumar Misra as its non-executive chairman. It also completed a $38 million (around INR 318.2 crore) personal loan securitization deal with JP Morgan to expand its digital lending operations.

In July, Navi Finserv raised INR 150 crore through bond issuance from several investors, including the Dadachanji Group. This follows the company's earlier plans to raise up to INR 600 crore via Non-Convertible Debentures (NCDs) for business growth. Navi Finserv reported a net profit of INR 172 crore in FY23, recovering from a loss of INR 67 crore in FY22, while its operating revenue grew 2.8 times to INR 1,283 crore for the fiscal year ending March 2023.