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Sachin Bansal’s Navi raises Rs 150 Cr via NCDs

EntrackrEntrackr · 1y ago
Sachin Bansal’s Navi raises Rs 150 Cr via NCDs
Medial

Financial services platform Navi Finserv has raised Rs 150 crore through the issue of non-convertible debentures (NCDs) from six individual investors including top brass of Dadachanji Group. The board at Navi has passed a special resolution to allot 15,000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per debenture for a consideration of Rs 150 crore, the company’s regulatory filings with the Registrar of Companies show. Kairus Shavak Dadachanji, Pervin Kairus Dadachanji, and Rishad Kairus Dadachanji invested Rs 110 crore while Rohit Kapadia, Sandhya Kapadia and Yash Kapadia cumulatively invested Rs 40 crore in this debt round. Kairus Shavak is a chairman of Dadachanji Group which owns and operates several companies including Kaisha Packaging and Kaisha Lifesciences and Sovereign Pharma. In February, Navi had said that it plans to raise Rs 600 crore through a public issue of NCDs. As per Navi, the NCDs will be offered with maturities of 18 months, 27 months, and 36 months, with yields ranging from 10.47% to 11.19%. The Sachin Bansal-led firm will use the funds towards lending, financing, loan repayments, and general corporate requirements. The Morning Context report highlighted that Navi turned to crowdfunding a Rs 250-crore fundraise as the firm failed to raise equity capital at a desired valuation. Navi has been raising funds through NCDs in the past couple of years. In May 2022, it raised Rs 600 crore and got Rs 500 crore more in July 2023. Navi filed its draft red herring prospectus (DRHP) in March 2022 with SEBI to raise up to Rs 3,350 crore. However, the firm had to delay the IPO plan citing the market conditions even after receiving approval from the market regulator. The firm also laid off nearly 200 employees after delaying the listing plan. Navi recorded Rs 421.5 crore in revenue from operations for the quarter ending September 2023 or Q2 FY24. As per the company’s unaudited financial statement on its website, it posted a profit of Rs 10.86 crore during the quarter. As per startup data intelligence platform TheKredible, Bansal owns nearly 98% stake in Navi.

CityMall to raise Rs 55 Cr in debt; expands ESOP pool

EntrackrEntrackr · 7m ago
CityMall to raise Rs 55 Cr in debt; expands ESOP pool
Medial

Grocery-focused social e-commerce platform CityMall has raised Rs 55 crore approximately $6.3 million in debt from Trifecta Venture debt fund and Alteria Capital Fund. The board of CityMall has passed a resolution to issue 400 series X NCDs to Trifecta Venture and 1,500 series X1 NCDs to Alterial Capital Fund having face values of Rs 10 lakh and 1 lakh, respectively, to raise the above sum. According to filings, the company will utilize this debt funding for the expansion and growth of the company's business. CityMall's board has expanded its ESOP pool by adding 1,03,300 new options worth Rs 47 crore, increasing the total pool to 3,73,200 options valued at Rs 171 crore. Notably, every 100 ESOP options will be converted into one equity share, a separate resolution shows. CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. The company also plans to add new categories such as beauty through this network. The firm has not raised external capital (debt or equity) for the past three years. The firm last raised $75 million in funding led by Norwest Venture Partners in March 2022, where it was valued at $320 million. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. CityMall’s gross revenue (GMV) increased by 23% from Rs 346 crore in FY23 to Rs 427 crore during FY24. The Angad Kikla and Naisheel Verdhan-led firm reported a loss of Rs 159 crore in the same period. DealShare, one of the early competitors of CityMall, pivoted to a hybrid model in 2023 from a community group buying model. The Tiger Global-backed company also faced a 75% decline in its revenue in FY24.

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