Navi AMC, part of Sachin Bansal’s technology-driven BFSI group Navi, on Monday said its new fund has collected more than Rs 100 crore from over 17,000 investors in 10 days.
Navi Nifty 50 index — whose new fund offer (NFO) was open during July 3-12 — is now available for investments across all online investment channels or through financial advisors, the newly created fund house said in a statement.
The expense ratio offered by the fund at 0.06 per cent for its direct plan offering, which is the lowest in the index schemes category so far, has garnered significant traction from investors, as they recognise the substantial savings they make over the long term.
As per the industry’s body Amfi June report, the overall passive fund folios are 13.5 lakh and Navi has gained 17,000 or approximately 1.3 per cent of this folio base during the NFO already.
NFO’s generally span over 15 days, while Navi Nifty 50 Index Fund NFO hit the Rs 100 crore mark in just 10 days.
“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,” Saurabh Jain, MD and CEO, Navi AMC said.