Sachin Bansal’s Navi Nifty 50 Index Fund Collects Over Rs. 100 Cr in NFO
* Navi Nifty 50 Index Fund is an open-ended equity scheme replicating/tracking Nifty 50 Index
* Lowest expense ratio as of today in the passive funds category / equity market at 0.06%
* The NFO which was open for 10 days accumulated an AUM of over Rs. 100 Cr
* Highest AUM in a Nifty 50 Index Fund NFO over the past few years
* Fund is now open for subscriptions - minimum application amount is Rs. 500 and in multiples of Re.1 thereafter
Bengaluru, 19th July 2021 - Navi Mutual Fund, part of Sachin Bansal’s technology-driven BFSI group Navi, whose NFO was open from 3 July 2021 to 12 July 2021 accumulated more than Rs. 100 Cr from 17000+ investors. The fund is now open for investments across all online investment channels or through financial advisors. Online channel includes platforms like Groww, Coin by Zerodha, Paytm Money, IND Money and more.
The expense ratio offered by the fund at 0.06% for its direct plan offering, which is the lowest in the index schemes category so far, has garnered significant traction among investors as they recognize the substantial savings they make over the long term. As per AMFI’s June report the overall passive fund folios are 13.5 lakh and Navi has gained 17,000 orapproximately 1.3% of this folio base, during the NFO already. Interestingly, NFO’s generally span over 15 days while Navi Nifty 50 Index Fund NFO hit the Rs. 100 Cr mark in a short span of 10 days.
Commenting on crossing the Rs. 100 Cr NFO AUM mark, Saurabh Jain, MD and CEO, Navi AMCLimited said, “The success of this launch is not only from the AUM of this NFO but also through the awareness that has spread across investors around Index Fund investing and expense ratio. This is visible through the 1.4 lakh users who visited our website during these 10 days. This is the beginning of a long-term partnership with our investors for wealth creation and we are delighted with the response we have received for this Index Fund NFO.”
Navi’s mission is to leverage the intersection of finance and technology to offer customers financial services that are simple, affordable and accessible. Apart from mutual funds, Navi offers a range of financial services and products such as personal loans, housing loans and health insurance. Founded by Sachin Bansal and Ankit Agarwal, Navi is headquartered in Bangalore.
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