Sachin Bansal’s Navi Finserv Plans to Raise Rs 600 Crore

 

Navi Finserv, under the leadership of Sachin Bansal, the co-founder of Flipkart, has announced its intention to raise Rs 600 crore through a public offering of non-convertible debentures (NCDs), as announced by the company on 12th Feb 2024.

 

The proceeds from this fundraising endeavour will be directed towards various purposes such as lending, financing, loan repayments, and fulfilling general corporate needs.

 

According to Navi, the NCDs will have maturity periods of 18 months, 27 months, and 36 months, with yields varying between 10.47% and 11.19%. The subscription for the issue is set to commence on February 26, as mentioned in the statement.

 

The issuance is scheduled to go live on February 26.

 

Sachin Bansal, the CEO of Navi Finserv, emphasized the company’s commitment to leveraging technology and data science to enrich customer experiences, providing them with an integrated range of financial services.

 

Additionally, he highlighted plans to expand the company’s presence across India and explore new product offerings.

 

Before this, Navi had successfully raised approximately Rs 950 crore through two previous tranches of NCDs.

 

Navi maintained a stable revenue stream, recording Rs 421.5 crore in revenue from operations for the quarter ending September 2023, or Q2 FY24.

 

The unaudited financial statement on the company’s website also reported a profit of Rs 10.86 crore during the same period.