The deal Of $38 Mn is J.P. Morgan’s first pass-through certificate transaction with an NBFC digital lender in the personal loans space
Kaustubh Kulkarni, Senior Country Officer, India & Vice Chair Asia Pacific, J.P. Morgan
FinTech BizNews Service
Mumbai, July 31, 2024: Navi Finserv will use the funds to expand further and grow its digital personal loans business. Digital lending is accelerating in India and constitutes a significant portion of the overall Indian fintech market. Market share is expected to rise to 60% of the total fintech market by 2030, fueled by increasing smartphone penetration, internet usage, and the need for faster and convenient loan disbursals. Navi Finserv’s lending platform will capitalize on new technological advancements to be a part of India's growing digital lending segment.
Sachin Bansal, Executive Chairman & CEO, Navi Finserv Limited, said, “We are happy to announce our partnership with J.P. Morgan and the successful completion of the PTC transaction. This deal serves as a substantial endorsement of the high quality of our loan portfolio and the sustained growth that Navi has been able to achieve in the past few years. We look forward to strengthening our relationship with J.P. Morgan even further in the future.”
Kaustubh Kulkarni, Senior Country Officer, India & Vice Chair Asia Pacific, J.P. Morgan, said, “We are excited to partner with Navi Finserv to provide tailored solutions as they grow their business. This transaction marks our entry into the high-growth digital lending sector in India and is aligned with our firm-wide commitment to support the Innovation Economy. We are deepening our engagement with multiple companies in this space in India and providing them with capital raising & financial solutions, including Liquidity & Risk Management.”
