Orange Retail Finance Completes ₹50 Crore Listed NCD Issuance, Opens New Chapter in Institutional Funding

• ByStartupStory     |    September 19, 2026

Orange Retail Finance India Private Limited (Orange), an RBI-registered Non-Banking Financial Company (NBFC), has successfully completed its ₹50 crore listed Non-Convertible Debenture (NCD) issuance, marking its entry into the listed debt market. The issuance represents the first tranche under the company’s ₹200 crore listed NCD programme for FY27, supported by UMI Capital, and forms part of Orange’s broader ₹300 crore debt fundraising plan for the financial year. 

The fundraise marks an important step in Orange’s strategy to diversify its funding base and build a scalable institutional capital-raising platform. The company is targeting ₹550 crore in Assets Under Management (AUM) during FY27, with the new funding programme expected to support its next phase of expansion. The transaction comes alongside Orange’s strategic transition from its legacy two-wheeler lending portfolio towards a predominantly secured retail finance model, led by Gold Loans and MSME Loan Against Property (LAP).

“This is the first of several steps to widen our funding base and lower our long-term cost of capital. The ₹200 crore funding programme provides us with a structured pathway to access institutional debt capital as we scale, while keeping us disciplined on asset-liability management as we work towards our ₹550 crore AUM target,” said Saravanan Kandan, Chief Financial Officer, Orange Retail Finance India Private Limited. Saravanan leads the company’s finance, treasury, fundraising, lender management and investor relations functions. Orange’s growth strategy is focused on expanding access to secured financial products across semi-urban and rural markets in South India, with disbursements concentrated across Tamil Nadu, Andhra Pradesh, Karnataka and Telangana. A significant proportion of its customers are first-time users of formal credit. Gold Loans are expected to form a substantial part of incremental AUM alongside MSME LAP, while women currently account for 35% of the company’s borrower base, with Orange aiming to expand this reach as it scales.

The company has also strengthened its leadership capabilities as it enters this next phase of growth. Kiran M. Vedula, Chief Business & Operations Officer, brings more than two decades of experience across banking and financial services and leads business strategy, operations, collections, customer experience and product innovation. Madhu Varma Raja, Chief Risk Officer, brings nearly three decades of experience across banking and NBFCs, with responsibility for credit, operational and enterprise risk. Together with Saravanan Kandan, the leadership team brings extensive experience across financial services and is focused on strengthening Orange’s business, financial and risk capabilities. 

The company has also reported an improvement in portfolio quality, with gross NPA declining from 9.3% in March 2024 to approximately 2.1–2.8% currently, while its CRAR stands at 34%. Over the longer term, Orange aims to scale its AUM from ₹410 crore to ₹3,000 crore by FY2031, supported by secured lending, technology and stronger financial controls. Commenting on the milestone, Ebenezer Daniel G, Founder, Managing Director & CEO, Orange Retail Finance India Private Limited, said, “Completing our first listed NCD is an important milestone in Orange’s transition to a more diversified, capital markets-linked funding base.” Under his leadership, Orange is positioning the business around secured and financially inclusive lending while building the institutional funding architecture required for its long-term growth. 

The successful completion of the ₹50 crore listed NCD issuance marks a significant step in Orange’s broader transformation into a diversified, secured retail finance franchise, strengthening its access to institutional capital as it continues to build for the next phase of growth.

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