Navi to raise Rs 600 Cr, Bansal says IPO on track

Navi Technologies, led by Sachin Bansal, had an eventful Tuesday.

The fintech company said it would issue non-convertible debentures (NCDs) totaling Rs 300 crore, with a green shoe option to retain an oversubscription of up to Rs 300 crore. The issue will open on May 23.

“We have worked hard in silence over the past few years and built our business. This question will take us to the next level of growth. We are a growing company and therefore we will be raising both debt and equity,” said Sachin Bansal, President of Navi Technologies.

The development came on the same day that the Reserve Bank of India (RBI) rejected an application by Chaitanya India Fin Credit Private Limited, the microfinance entity of Navi Technologies, for a universal on-demand private banking license.

However, the four-year-old company is set to raise Rs 3,350 crore through an IPO (initial public offering). It filed its Draft Red Herring Prospectus (DRHP) in March.

Editor’s Choice: Product Roadmap

When Anurag Bhagi took up teaching gigs while pursuing a computer science degree from MIT, he realized that K12 education was broken and “obsolete” in almost every country in the world. This led him to found Camp K12.

The startup teaches young children coding with an emphasis on practicality, instead of the traditional theoretical approach. Read more.

Spotlight on startups

SMEs have talent

Despite the availability of technology and a number of job platforms, small and medium-sized enterprises (SMEs) find it difficult to hire qualified candidates because they lack the resources to purchase and operate expensive software licenses, access to databases or distribute premium job offers.

Enter Expertia AI, a Bengaluru-based SaaS (Software-as-a-Service) startup offering customized hiring solutions for SMEs, helping them find and automatically identify the top 10 candidates from a pool of candidates. Read more.

Update News

Before you go, stay inspired with…

Akanksha Arora, CEO of Amrapali

“Every failure will teach you something, so take every obstacle as a learning lesson. Let the struggle motivate you and make your resolve even stronger.

— Akanksha Arora, CEO, Amrapali Tribe

Get the daily capsule delivered to your inbox now. Subscribe to our newsletter today!

Comments are closed.