This is really a great company. But enabling easy access to loans will result in debt, ultimately people's suffer.

Software Engineer

Fintech unicorn Navi Finserv has closed a $24.5M loan securitisation deal with Goldman Sachs.  The deal is backed by a pool of unsecured personal loans, originated and serviced by Navi Finserv.  Th...

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- Fintech unicorn **Navi Finserv** has closed a **$24.5M loan securitisation deal** with Goldman Sachs.
- The deal is backed by a pool of **unsecured personal loans**, originated and serviced by Navi Finserv.
- This follows a previous **$38M personal loans securitisation deal** with JP Morgan in July.
- Navi Finserv's consolidated operating revenue stood at **INR 1,906.2 Cr** in FY24.
- The company aims to simplify and enable access to finance for a billion people.

Source: [Inc42](https://inc42.com/buzz/navi-closes-24-5-mn-loan-securitisation-deal-with-goldman-sachs/)

Navi Finserv Secures $24.5M Loan Securitisation Deal with Goldman Sachs

Journalist

Navi Finserv Secures $24.5M Loan Securitisation Deal with Goldman Sachs- Grapevine

Welcome to Indian Startups's Private Community

Fintech IPO candidates

Software Developer

Welcome to Office Gossip's Private Community

I've been hearing some pretty bad things about Navi's work culture - esp. in the analytics teams. Apart from the 12-14 hour days, apparently you're not even allowed to take leaves. If you want to go home for a few days, you're asked to apply for wfh for those days. If you want to wfh, you're asked to apply for a sick leave and then work nevertheless.
 
Can someone from Navi or otherwise confirm this?

Work culture at Navi

Team Lead

- The Reserve Bank of India (RBI) has ordered Navi Finserv and three other non-banking financial companies (NBFCs) to stop sanctioning and disbursing loans. 
- This action is due to excessive interest rates and non-compliance with RBI regulations. 
- The business freeze will remain until the firms take corrective actions to the satisfaction of the RBI. 
- The restrictions will not affect existing loan servicing or collections. 
- Navi Finserv is committed to addressing all the concerns raised with promptness and completeness.

Source: [Inc42](https://inc42.com/buzz/rbi-bars-sachin-bansals-navi-finserv-from-disbursing-loans/)

RBI Halts Loan Disbursement by Sachin Bansal's Navi Finserv

Remember the time when we were surrounded by 5-6 startups making waves every day? They were the talk of the town, with incredible growth, innovative offerings, massive hirings, and funding galore. We couldn't stop discussing their latest feats!

But lately, it feels like a different era, with a cloud of negativity casting a shadow. 

Dear Indian startup ecosystem, you have a history of miracles and game-changing moments. We believe in your potential to inspire, innovate, and motivate the youth. Let's bring back that magic and remind everyone why we're at the forefront of global innovation. 🇮🇳💡

It's time for something great, something remarkable. Let's reignite the spark and make headlines for all the right reasons!

Kuch machao yaar, it's getting boring :)

Do you guys agree with the list? Anymore candidates

Dead 11

Oyo was the only Indian startup who had defined a  India specific problem, had a solution and had money to scale. What went wrong? What a pity. 
  
 In comparison Airbnb made it big...

Project Manager

Made the terrible mistake of buying a health insurance from this firm. Now with the latest app update it's trying to read my sms and access my contacts and won't proceed further until I allow the app all the permissions. 

Do you need to share your contacts to access your health cards in case of a medical emergency? 

Let's say someone from Navi - say Sachin Bansal - gets a blood cancer diagnosis or a brain tumor - will he/she be willing to share all the smses n contacts with a third party? 

Nobody in business has ever of made it big by being an ass hole and anti customer. Karma eventually balances you out. 

If there's anyone from Navi in this app, can you fix this internally?

Anyone from Navi insurance here? Planning to file a complaint with IRDA

- FlexiLoans has raised INR 290 Cr (around $34.5 Mn) in its Series C funding round from investors including Accion, Maj Invest, Nuveen, and Fundamentum.
- The new funds will help FlexiLoans expand its product offerings and grow its business.
- The fintech startup has disbursed over INR 7,000 Cr in loans across more than 2,100 towns and cities.
- FlexiLoans plans to enter the supply chain financing market and partner with traditional corporate finance platforms.
- Founded in 2016, FlexiLoans targets SMEs and underserved segments with quick and flexible loans. 

 Source: [Inc42](https://inc42.com/buzz/flexiloans-bags-inr-290-cr-from-accion-others-to-boost-its-msme-lending-play/)

FlexiLoans Secures INR 290 Cr to Boost MSME Lending

What's the scene with Indian FinTech companies, like Jupiter, Razorpay, Navi, Fi, Cashfree etc...

I see some of them have started hiring again, are they a good option to join?

What's the current scene with Indian FinTech

- Groww Creditserv, Groww's NBFC, expanded its loan book to Rs 965 crore ($115 million) by June 2024, up from Rs 731 crore ($87 million) in March 2024.
- Personal loans make up 98% of the loan book, with the remaining 2% being consumer loans.
- Groww's lending portfolio also includes partnerships with Aditya Birla Finance, IDFC First Bank, and Credit Saison.
- The company dispenses around Rs 250 crore in personal and consumer durable loans monthly, peaking at Rs 350 crore before a strategic shift.
- Changes in leadership and a focus on co-lending have marked Groww's recent strategy, with significant equity funding and a growing retail stock investor base driving overall growth. 

 Source: [The Arc](https://thearcweb.com/article/groww-nbfc-expands-loan-book-to-115-mn-nKCctdAHTD2rVZP6)

Groww NBFC's Loan Book Soars to $115 Million Amid Strategic Shifts

Why did this happen? Slice already owns an NBFC license. What does this help them achieve? 
 "to better serve their shared mission and reach more consumers who currently lack access to basic banking services"

Slice merges with North East Small Finance Bank

It helps them achieve a lot. They can take deposits, extend loans, issue cards without needing a partner and maybe start mutual funds and insurance businesses. Huge W for Slice.

Product Manager

Analyst

- Adani One, the super app of Adani Group, has started pilots with digital lending firms and non-banking financial companies (NBFCs) to offer loans on its platform.
- The app, housed under Adani Enterprise Limited’s digital arm, Adani Digital Labs, has partnered with KrazyBee Services, the NBFC arm of fintech firm KreditBee, to provide personal loans.
- Adani Digital will act as a lending service provider (LSP), with personal loans ranging from Rs 1,000 to Rs 5 lakh being extended from KrazyBee’s books.
- The company is also exploring mid-sized deals in the fintech space to enhance the app’s digital presence and expand its user base.
- More tie-ups with other NBFCs and fintech players are underway to offer a broader range of credit products to customers. 

 Source: Moneycontrol

Adani’s Super App Begins Digital Lending Pilots with Fintechs, NBFCs

Welcome to Fintech India's Private Community

The fintech space in India is growing fast. Staying updated with industry trends and tools has been crucial for me, and having guidance from learning platforms like HeyCoach has made the process smoother.

Fintech India’s Growth

Founder

Soonicorn founder

Shoot your questions!

Fintechfounfer AMA

Product Owner

The Morning Vine 🍇

Let's ignore what's wrong with startups, keep this an optimistic thread. Which startups make you excited about their future? 
The ones that have cracked product, GTM, model, or something else.

Name the best Indian startups :)

One for the believers: Which startups in India do you feel are going to make it really big? 🚀

Corporate Strategist

- InMobi, backed by SoftBank, has raised $100 million in debt financing to enhance its AI capabilities and fund AI-focused acquisitions.
- The financing was led by MARS Growth Capital, a joint venture between MUFG and Liquidity Group.
- CEO Naveen Tewari emphasized AI's role in revolutionizing ad engagement and outcomes for consumers, advertisers, and publishers.
- InMobi operates two core businesses: InMobi Advertising and Glance, an AI-powered content discovery platform.
- Glance, with over 300 million users, aims to expand globally, supported by investments from Jio Platforms, Google, and Mithril Capital. 

 Source: [Moneycontrol](https://www.moneycontrol.com/news/business/startup/inmobi-secures-100-million-debt-to-fund-its-ai-efforts-acquisitions-12819183.html)

InMobi Secures $100 Million Debt to Fuel AI Ambitions and Acquisitions

- Aye Finance, a microlending platform, has raised Rs 250 crore ($30 million) in a Series G round led by Singapore's ABC Impact.
- British International Investment, which led Aye's Series F round, also participated in this round.
- This investment is the first from ABC Impact's Fund II, boosting the firm's assets under management to over $850 million.
- Aye Finance now operates in 398 locations across 22 states in India, offering loans to micro and small enterprises.
- The company reported a 67% increase in revenue to Rs 1072 crore for FY24, with profits tripling to Rs 161 crore. 

 Source: [Entrackr](https://entrackr.com/2024/09/aye-finance-raises-30-mn-in-series-g-round/)

Aye Finance raises $30 Mn in Series G round

- Avanse Financial Services, backed by Warburg Pincus and other marquee investors, has filed for an INR 3,500 Cr IPO with SEBI.
- The IPO includes a fresh issue of INR 1,000 Cr and an offer for sale of INR 2,500 Cr, contributing to over INR 1 Lakh Cr of expected IPOs this fiscal.
- Avanse, a leading NBFC in the education loan market, competes with major banks and other NBFCs, focusing on high-ticket overseas education loans.
- The company reported a PAT of INR 342.4 Cr in FY24, with a significant increase in operating revenue and interest income.
- Avanse aims to use the IPO proceeds to augment its capital base, leveraging its strong market position and investor support. 

 Source: DRHP Filings - https://www.sebi.gov.in/filings/public-issues/jun-2024/avanse-financial-services-limited_84390.html

Avanse Financial Services Files for INR 3,500 Cr IPO Amidst New-Age Tech IPO Boom

- Neobank Jupiter is in talks to acquire a 5% to 9.9% stake in SBM Bank India, sources reveal.
- Backed by Tiger Global and NuBank, Jupiter's move requires approval from the Reserve Bank of India.
- This trend follows Indian fintechs and VCs seeking partnerships with traditional lenders.
- Recent similar moves include Slice merging with North East Small Finance Bank and VC investments in Shivalik Small Finance Bank.
- Jupiter's adoption in India lags behind markets like Brazil, despite partnerships with Federal Bank. 

 Source: [Techcrunch](https://techcrunch.com/2024/09/23/fintech-jupiter-in-talks-to-buy-a-stake-in-sbm-bank-india/)

Navi Finserv Secures $24.5M Loan Securitisation Deal with Goldman Sachs

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