Sachin Bansal's Navi Finserv raises Rs 150 Cr through NCDs

Sachin Bansal's financial services platform Navi Finserv has reportedly raised Rs 150 crore through non-convertible debentures (NCDs), at an issue price of Rs 1,00,000 each, through private placement.

The investment has come from manufacturing conglomerate Dadachanji Group's Chairman Kairus Shavak Dadachanji and directors Pervin Kairus Dadachanji and Rishad Kairus Dadachanji, who cumulatively invested Rs 110 crore, according to Entracker. Individual investors Rohit Kapadia, Sandhya Kapadia, and Yash Kapadia have invested Rs 40 crore.

In February, NBFC firm Navi Finserv had announced plans to raise up to Rs 600 crore through NCDs, with a green shoe option of up to Rs 300 crore to accommodate oversubscription.

A non-convertible debenture is a type of debt instrument, typically with fixed interest rates, issued by companies to raise long-term capital.

According to media reports in April, Flipkart's co-founder was in talks to raise between $200 million and $400 million at a valuation of around $2 billion. Navi Finserv is largely bootstrapped, and this would be the company's largest external fundraise since it was founded in 2018, TechCrunch had said.

Navi Finserv, which originally planned to go for an IPO, had filed a draft red herring prospectus in March 2022. However, it did not proceed to list due to unfavourable market conditions.