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Flipkart cofounder Sachin Bansal’s lending startup Navi Finserv is looking to raise Rs 600 crore through non-convertible debentures (NCDs), the company said in a statement on Monday.

The bonds will have tenors of 18, 27 and 36 months with effective yields ranging from 10.4% to 11.19%, it added.

NCDs are fixed income long-tenure instruments through which large companies raise public money.

Also read | Home loan, insurance business drag Sachin Bansal’s Navi into slow lane

The company had raised around Rs 950 crore through two tranches of NCDs previously. This tranche will go live on February 26.

“Being a tech-driven financial products and services company… our long-term focus is on utilising 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,” said Sachin Bansal, chief executive officer, Navi Finserv.

According to latest filings available in the public domain, Navi Finserv reported a net profit of Rs 172 crore in FY23, on a total income of Rs 1,377 crore. Its total managed assets stood at Rs 9,788 crore at the end of the last fiscal.

  • Published On Feb 12, 2024 at 07:00 PM IST

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