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Sachin Bansal-led Navi set to raise Rs 600 Cr via NCDs


Navi Finserv, led by Flipkart co-founder Sachin Bansal, plans to raise Rs 600 crore through a public issue of non-convertible debentures (NCDs), as per a statement released by the company on Monday.

The funds raised will be allocated towards lending, financing, loan repayments, and general corporate requirements.

As per Navi, the NCDs will be offered with maturities of 18 months, 27 months, and 36 months, with yields ranging from 10.47% to 11.19%. The subscription for the issue will commence on February 26, according to the statement.

The upcoming tranche is scheduled to be live on February 26.

“Being a tech-driven financial products and services company… our long-term focus is on utilizing technology and data science capabilities to enhance our customer experience, offering them an integrated ecosystem of financial services, while we also continue to increase reach across India and foray into new product lines,” Bansal, chief executive officer, Navi Finserv.

Previously, the company had raised approximately Rs 950 crore through two tranches of NCDs.

With a stable topline, Navi recorded Rs 421.5 crore revenue from operations for the quarter ending September 2023 or Q2 FY24. As per the company’s unaudited financial statement on its website, it posted a profit of Rs 10.86 crore during the quarter.

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