INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Sachin Bansal-led Navi group's credit finance firm, Chaitanya, on Wednesday said Crisil has given a stable (A-) rating for its
bank borrowings of up to Rs 500 crore.
This rating has come at a time when the industry is reeling under lockdown, mandated to curb the
deadly coronavirus, Chaitanya said in a release.
Chaitanya's ratings have also been upgraded to BBB+ (stable) /A2+ by ICRA for financial
instruments amounting to Rs 358 crore.
As per ICRA, the stable outlook factors in the comfortable capital and liquidity profile of the
group, which would support its medium-term growth plans, it said.
Chaitanya CEO Anand Rao said, "The rating upgrade Chaitanya has got in
these challenging times, reflects our strong capital position post becoming part of Navi group
This together with our solid track record and synergies with Navi will help us continue our growth once we move beyond the current COVID
situation."
Sachin Bansal, MD - CEO, Navi, said, "The ratings upgrade is particularly welcome at this time as it recognises the robust
fundamentals of the Group
The Group is expected to venture into and, scale-up lending portfolio in new asset classes, including digital lending in the near
term."
Furthermore, the additional funding commitment given by Navi would aid Chaitanya's growth plans over the medium term, the company
added further.
Chaitanya caters to low income families in Karnataka, Bihar, Maharashtra, Rajasthan and Jharkhand by providing two-wheeler
loans, and housing loans apart from microfinance.
Chaitanya India Fin Credit Pvt Ltd (CIFCPL), owned by Chaitanya Rural Intermediation
Development Services Pvt Ltd (CRIDS), was founded in 2009.
In 2019, Sachin Bansal acquired CRIDS with a total infusion of Rs 739 crore
through his holding firm Navi Technologies
