Sachin Bansal’s fintech company, Navi, has experienced remarkable growth on the Unified Payments Interface (UPI) platform, nearly doubling its transaction volume in July. Data from the National Payments Corporation of India (NPCI) shows Navi processed 68.5 million transactions in July, a significant increase from 35.7 million in June and just 3 million in March, marking a 22-fold growth in four months.

The transaction value also surged to Rs 3,600 crore in July from Rs 1,800 crore in June, up from under Rs 100 crore in March. This rapid expansion has elevated Navi from the 27th position in March to the sixth spot in July, trailing closely behind Amazon Pay, which recorded 72.4 million transactions. If the current growth trajectory continues, Navi could surpass Amazon Pay to become the fifth-largest UPI app.

UPI remains the leading digital payments method in India, accounting for over 80% of digital transactions, with July witnessing 14.4 billion transactions worth over Rs 20.6 lakh crore. Despite Navi’s impressive growth, it holds only a 0.5% market share, compared to leaders PhonePe’s 48.3% and Google Pay’s 37%.

Navi’s expansion began in earnest with the introduction of rewards and cashback offers for UPI users in April, fueling its rapid growth. The app provides a range of services including instant personal and home loans, bill payments, insurance, digital gold, and mutual funds. Unlike many fintech apps that distribute products from third parties, Navi directly manufactures its offerings.

Flipkart’s UPI initiatives also saw growth, with its UPI app reaching 7 million transactions in July, up from around 6 million in June. Super.Money, another Flipkart Group company, saw its transactions grow from 1.3 lakh to 2.5 million.

Navi represents Bansal’s second venture into UPI platforms, following his earlier role in Flipkart’s acquisition of PhonePe, which became a key player in UPI payments when mobile wallets were more prevalent.