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Navi Finserv closes $24.5 Mn loan securitization transaction with Goldman Sachs
Entrackr
·
9m ago
Medial
Navi Finserv has closed a $24.5 million loan securitization transaction with Goldman Sachs (India) Finance Private Limited, marking Goldman Sachs as the seventh multinational bank to partner with the company. This follows a $38 million securitization deal with J.P. Morgan earlier this year. The new transaction is structured through pass-through certificates rated IND AA (SO) by India Ratings, backed by a pool of unsecured personal loans managed by Navi Finserv, the company said in a press release. The funds will support Navi’s mission to simplify access to finance, enhance its operations with robust underwriting practices, and broaden financial inclusion by providing seamless credit and exceptional customer service. Founded in 2018 by Sachin Bansal and Ankit Agarwal, Navi Finserv operates as an RBI-registered NBFC in the middle layer category, offering personal and home loans. Navi’s revenue from operations rose to Rs 1,906 crore in FY24 from Rs 1,238 crore in FY23, as per its standalone financial statements. The company’s net profits stood at Rs 668 crore, largely driven by gains from the sale of its subsidiary.
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RBI lifts loan sanction ban on Sachin Bansal-led Navi Finserv
Entrackr
·
8m ago
Medial
The Reserve Bank of India (RBI) has lifted the restrictions previously placed on Navi Finserv, enabling the non-banking financial company (NBFC) to resume loan sanctions and disbursals. The restrictions were imposed due to concerns over regulatory compliance and pricing policies. The RBI’s decision indicates that Navi Finserv has addressed these issues promptly. In October, the RBI had directed Navi Finserv and three other NBFCs to cease loan approvals, citing deficiencies in adherence to regulatory guidelines. “..Satisfied with these measures and the company’s commitment to ongoing regulatory compliance, the RBI has now lifted the restrictions with immediate effect. This decision highlights the importance of adherence to regulatory standards in the financial sector,” said RBI in a statement. The other three NBFCs affected by the RBI’s directive were DMI Finance, Asirvad Micro Finance and Arohan Financial Services. However, the apex banking body has yet to allow the three NBFCs to disburse loans. Founded in 2018 by Bansal and Ankit Agarwal, Navi Finserv operates as an RBI-registered NBFC in the middle layer category, offering personal and home loans. Recently, Navi closed a $24.5 million loan securitization transaction with Goldman Sachs (India) Finance Private Limited. The company’s revenue from operations rose to Rs 1,906 crore in FY24 from Rs 1,238 crore in FY23, as per its standalone financial statements. The company’s net profits stood at Rs 668 crore, largely driven by gains from the sale of its subsidiary. Notably, the company has emerged as one of the fastest growing players in the UPI ecosystem. In October, it surpassed CRED to become the fourth-largest player in UPI by volume.
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Aye Finance Closes INR 212 Cr Loan Securitisation Deal With Goldman Sachs
Inc42
·
11m ago
Medial
Lending tech startup Aye Finance has closed a INR 212 Cr (over $25 Mn) business loan securitisation deal with Goldman Sachs (India) Finance. The deal will support the expansion of Aye Finance's lending operations to micro enterprises throughout India. The securitization deal, backed by a portfolio of business loans to micro enterprises, will enhance Aye Finance's asset and liability management position.
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Sachin Bansal’s Navi Finserv Closes $38 Mn Securitisation Deal With JP Morgan
Inc42
·
1y ago
Medial
Navi Finserv, a fintech firm, has raised $38 million from JP Morgan by securitizing personal loans. The funds will be used to expand its operations and grow its digital personal loans business. This follows Navi Finserv's earlier raising of INR 150 crore through bond issuance from investors, including Kairus Shavak Dadachanji, Chairman of Dadachanji Group.
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Home loan, insurance business drag Sachin Bansal’s Navi into slow lane
Economic Times
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1y ago
Medial
Navi Finserv, the financial services venture founded by Sachin Bansal, is facing challenges in scaling up its home loan and insurance products. The company aimed to achieve a monthly home loan disbursal of Rs 200 crore but has been operating at a limited scale. Its general insurance business has also experienced stagnation and a slowdown. Navi Finserv may need to reassess its processes and consider physical systems for the home loan business. The disruption of traditional lending practices with technology is proving to be a significant challenge in the market.
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Sachin Bansal's Navi Finserv Seeks To Raise INR 600 Cr
Inc42
·
1y ago
Medial
Navi Finserv, a subsidiary of Navi Technologies, plans to raise INR 600 Cr (approximately $80 million) through the issuance of Non-Convertible Debentures (NCDs). The NCDs will have tenors of 18, 27, and 36 months, offering effective yields between 10.47% and 11.19% per annum. The funds raised will be used for lending, financing, loan repayment, and general corporate purposes. This marks the third capital raise through NCDs by Navi Finserv in the past two years. Navi Technologies, co-founded by Sachin Bansal, is an IPO-bound fintech unicorn.
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Navi Group sets the ball rolling for IPO
Economic Times
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5m ago
Medial
Navi Group, led by Sachin Bansal, is exploring an Initial Public Offering (IPO), aiming for a launch in the latter half of FY26. The company is in talks with bankers to determine the optimal timing, focusing on expanding and balancing unsecured and secured loan portfolios. With the goal of exceeding ₹50,000 crore in assets under management, Navi Finserv has already achieved significant growth and profitability in its loan segments. The exact details of the IPO are yet to be finalized.
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Sachin Bansal hands over CEO role; transitions to Executive Chairman
YourStory
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5m ago
Medial
Sachin Bansal, co-founder of Navi Group, will shift from CEO of Navi Technologies Limited (NTL) and Navi Finserv Limited (NFL) to Executive Chairman of the parent group. Rajiv Naresh and Abhishek Dwivedi will become the new CEOs, with Naresh overseeing non-lending businesses and Dwivedi leading lending operations. This restructuring aims to enhance growth focus, with Bansal concentrating on long-term strategies, including fundraising and mergers. Navi Finserv recently resumed lending after addressing regulatory concerns.
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Sachin Bansal quits as CEO of Navi; new chiefs appointed for Navi Tech and Finserv
Entrackr
·
5m ago
Medial
Sachin Bansal quits as CEO of Navi; new chiefs appointed for Navi Tech and Finserv The move follows RBI's recent lifting of restrictions on Navi Finserv, allowing it to resume lending. In October, the RBI had directed Navi Finserv and three other NBFCs to cease loan approvals, citing deficiencies in adherence to regulatory guidelines. Navi has announced the appointment of Rajiv Naresh as the new CEO of Navi Technologies Limited and Abhishek Dwivedi as the new CEO of Navi Finserv Limited. Sachin Bansal, the existing CEO of both companies, will transition to the role of Executive Chairman of the Navi Group while continuing to oversee the group's strategic direction. Both Rajiv Naresh and Abhishek Dwivedi have been part of Navi's early founding team and have held various leadership roles within the organization over the past six years. "This restructuring is a strategic milestone that enables us to sharpen our focus on long-term growth. Both Rajiv and Abhishek have played key roles in our growth, and I am confident that we will continue on this upward trajectory as they assume their new roles," said Bansal. According to the press release, Bansal will focus on Navi’s long-term strategy, expansion, fundraising, mergers and acquisitions, and improving compliance and risk management. He will also support Navi’s tech growth through innovation in technology and data science while guiding Rajiv and Abhishek in managing their businesses. After the changes, Abhishek will lead lending businesses, while Rajiv will handle non-lending businesses at Navi Group. Navi’s revenue from operations rose to Rs 1,906 crore in FY24 from Rs 1,238 crore in FY23, as per its standalone financial statements. The company’s net profits stood at Rs 668 crore, largely driven by gains from the sale of its subsidiary.
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Goldman Sachs offloads 'buy now, pay later' firm in quick retreat
Economic Times
·
1y ago
Medial
Goldman Sachs has announced its decision to sell GreenSky, a prominent player in the "buy now, pay later" lending sector, just two years after acquiring the company. The decision comes as rising interest rates have affected the "buy now, pay later" sector, making it less appealing to borrowers. This move is part of Goldman Sachs' broader shift away from its consumer banking business, which has seen a decline in profitability. The selling price and financial details of the transaction were not disclosed.
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SBI MF, Morgan Stanley, Goldman Sachs, and others buy 1.8% stake in Bajaj Finserv for Rs 5,506 Cr
YourStory
·
2m ago
Medial
State Bank of India Mutual Fund, Morgan Stanley, and Goldman Sachs collectively acquired a 1.8% stake in Bajaj Finserv for Rs 5,506 crore from promoters. Other institutional buyers included JP Morgan India and Citigroup Global. The sale involved 2.86 crore shares at Rs 1,925.20 each, reducing the promoters' stake to 58.84%. Separately, Wabco Asia sold a 3.16% stake in ZF Commercial Vehicle Control Systems India for Rs 792 crore, with multiple institutional buyers participating.
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