Navi Finserv, helmed by Sachin Bansal, the co-founder of Flipkart, has announced plans to raise Rs 600 crore through a public offering of non-convertible debentures (NCDs). This move underscores the company’s commitment to expanding its lending capabilities and meeting the diverse financial needs of its customers.
The funds raised from this NCD issuance will be allocated towards various strategic objectives, including lending activities, financing ventures, repayment of existing loans, and fulfilling general corporate requirements. This initiative marks a significant step in Navi’s journey towards fortifying its position in the competitive landscape of the financial services sector.
Navi Finserv has revealed that the NCDs will be made available with multiple maturity periods, ranging from 18 months to 36 months, offering investors attractive yields between 10.47% and 11.19%. The subscription for this issuance is slated to commence on February 26, signaling the company’s readiness to tap into investor appetite for its offerings.
Commenting on the company’s vision and strategic direction, Sachin Bansal, the CEO of Navi Finserv, emphasized the pivotal role of technology in delivering superior customer experiences. He highlighted the company’s long-term focus on leveraging cutting-edge technology and data science capabilities to create an integrated ecosystem of financial services. This approach aligns with Navi’s mission to broaden its market reach across India and explore new avenues for product innovation.
This fundraising endeavor follows Navi’s successful completion of two previous tranches of NCD issuances, which collectively raised approximately Rs 950 crore. With a track record of robust financial performance, Navi reported revenue from operations amounting to Rs 421.5 crore for the quarter ending September 2023 (Q2 FY24). Furthermore, the company posted a commendable profit of Rs 10.86 crore during the same period, as per its unaudited financial statement.
As Navi embarks on this latest fundraising initiative, it aims to strengthen its capital base and position itself for sustained growth in the dynamic landscape of the financial services industry. With Sachin Bansal at the helm, Navi Finserv remains steadfast in its commitment to driving innovation and delivering value to its stakeholders, while staying attuned to evolving market trends and customer preferences.
