The investors include Pervin Kairus Dadachanji, Rishad Kairus Dadachanji, and Kairus Shavak Dadachanji, the head of the Dadachanji Group, who have contributed INR 110 Cr.

This comes months after the loan startup revealed ambitions to raise INR 600 crore via NCDs. Navi Finserv, formed in 2012 by Sachin Bansal and Ankit Agarwal, specializes in lending products such as personal, vehicle, and house loans.

Navi Finserv

Image source: entrackr

Navi Finserv, a fintech unicorn run by Sachin Bansal, reportedly obtained INR 150 Cr through the issuing of bonds from six individual investors, following the company’s announcement months earlier of aspirations to fund up to INR 600 Cr through the issuance of Non-Convertible Debentures (NCDs).

According to the company’s filing with the Registrar of Companies (RoC), which ET reviewed, the finance committee of the board of directors approved the allotment of NCDs with a face value of INR 1,00,000 each, for a total of INR 150 Cr through private placement.

The investors, who have contributed INR 110 Cr, include Kairus Shavak Dadachanji, chairman of the Dadachanji Group, and Pervin and Rishad Dadachanji. Furthermore, INR 40 Cr has been funded by private investors Rohit Kapadia, Sandhya Kapadia, and Yash Kapadia. 

NCDs are fixed-income long-term securities that enable large corporations to raise capital from the public.

Bansal announced the opening of Navi Finserv’s third public debt offering on February 26, 2024, following the successful raising of more than INR 950 crore in the previous two issuances.

The company executed its first two Public Issues of secured, rated, listed, and redeemable non-convertible debentures under the SEBI NCS Regulations, raising about INR 495 crore in FY 2023 and INR 481 crore in FY 2024.

Navi Finserv, cofounded by Bansal and Ankit Agarwal, is preparing to go public. The company specializes in personal, vehicle, and house loans. Founded in 2012, the company has an NBFC license and provides digital lending products for personal and housing finance.

Navi Finserv was transformed into a public company in March 2022. In the same month, Navi Technologies, Navi’s parent company, filed a DRHP to raise INR 3,350 crore through an IPO. The Securities and Exchange Board of India (SEBI) approved Navi Technologies Datalabs in September 2022. 

However, its subsidiary has yet to conduct a public offering. Navi currently intends to collect INR 4,020 crore through its IPO and pre-IPO placement, which are scheduled to go public later this year. The earnings will be utilized to fund expansion activities and boost the brand’s visibility and credibility in the public eye.

Furthermore, the firm declared a net profit of INR 172 crore in fiscal year 2022-23 (FY23), compared to a loss of INR 67 crore in the previous fiscal year.