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Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt

EntrackrEntrackr · 8d ago
Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt
Medial

Exclusive: Edu-fintech company Auxilo raises Rs 225 Cr debt Auxilo, an education-focused non-banking financial company (NBFC), has secured Rs 225 crore (around $25.5 million) in debt funding from Neo Group, Nuvama Wealth, Dezerv, and The South Indian Bank. Earlier this year in February, Motilal Oswal invested Rs 50 crore in Auxilo through a debt round, as exclusively reported by Entrackr. The Auxilo’s board has issued 22,500 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise the above-mentioned sum, according to its filing with the Registrar of Companies (RoC). Neo Group led the debt round with a Rs 100 crore ($11.36 million) investment, while Nuvama Wealth and Dezerv contributed Rs 50 crore each, and The South Indian Bank added Rs 25 crore. The debentures carry an interest rate of 9.7% per annum with a three-year tenure, while those issued to The South Indian Bank come at a 10% annual interest rate. Founded in 2016, Auxilo provides education loans to students for higher studies in India and abroad and to educational institutes for infrastructure modernization. Its educational loans include all the expenses related to the course, including classroom expenditures, pre-visa approvals, and airfares. For the fiscal year ended March 2025, Auxilo’s operating revenue rose nearly 50% to Rs 528 crore from Rs 357 crore in FY24. During the same period, the company’s profit surged 62% to Rs 112 crore.

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.

Groww Creditserv’s loan book grows to Rs 965 crore by June

Economic TimesEconomic Times · 1y ago
Groww Creditserv’s loan book grows to Rs 965 crore by June
Medial

- Groww Creditserv Technologies (GCS), the NBFC arm of Groww, witnessed a significant increase in its proprietary loan book, reaching around Rs 965 crore as of June 2024. - GCS, a wholly owned subsidiary of Billionbrains Garage Ventures, primarily focuses on providing personal loans and consumer durable loans for household essentials. - GCS started its full-scale operations in April 2023, initially offering unsecured loans, and later expanded its consumer durable lending business to Karnataka and Tamil Nadu. - In July 2024, GCS completed a pass-through certificate transaction, selling loan assets to investors and plans to issue non-convertible debentures (NCDs) to support its growth. - Groww's core broking business reported a net profit of Rs 297 crore in 2023-24, four times higher than the previous financial year, solidifying its position as the largest broking platform in India with over 10 million active investors. - Earlier this year, Groww relocated its domicile to India from the US, aligning with the growing trend among Indian startups to leverage India's maturing startup ecosystem.

Red Fort Capital bags Rs 22.6 Cr in debt from major PSU banks

EntrackrEntrackr · 1y ago
Red Fort Capital bags Rs 22.6 Cr in debt from major PSU banks
Medial

Red Fort Capital, an investment-grade NBFC, has successfully raised Rs 22.6 crore in debt funding, crossing a milestone of Rs 100 crore in assets. The debt raise includes Rs 15 crore from a large Public Sector Undertaking (PSU) bank. Notably, Red Fort Capital has already secured prior financing rounds from the State Bank of India, the largest PSU lender. Additionally, Rs 4.1 crore was raised through non-convertible debentures (NCDs) via Foreign Portfolio Investors (FPI), and Rs 3.5 crore from USHA Finance. This diverse capital will be instrumental in accelerating Red Fort Capital’s mission to bridge the credit gap for small and medium enterprises (SMEs) across India. Red Fort Capital offers secured loans tailored uniquely for businesses with flexible funding options ranging from Rs 1 crore to Rs 10 crore and a turnaround time of just 7 days. Red Fort Capital has already established a nationwide presence and aims to enhance its secured business loan offerings across manufacturing, trading, and service sectors with this new infusion of funds. By maintaining its focus on innovation, technology, and risk management, Red Fort Capital is positioned to attract even more banking partnerships, which are critical for its future growth.

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