Trust Fintech, a Provider of Fintech SaaS Solutions, Submits DRHP for NSE Emerge Listing
- ByStartupStory | February 12, 2024
Trust Fintech Limited, a Nagpur-headquartered fintech SaaS company, has filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge to initiate an initial public offering (IPO). The IPO entails a fresh issuance of 62,82,000 equity shares, each valued at INR 10.
Established in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Trust Fintech specializes in providing core banking SaaS products and fintech software solutions for the BFSI sector.
According to the company’s IPO draft papers, the net proceeds will be utilized for various purposes, including establishing a new development facility at Mihan SEZ in Nagpur, procuring hardware, upgrading IT infrastructure, and funding global and domestic business development. “We plan to utilise the net proceeds from the offering to establish a new development facility in Nagpur, to procure hardware and upgrade IT infrastructure, among others,” stated the company. Trust Fintech aims to expand its workforce from 263 employees to 1,000 individuals within the next three years while aggressively expanding its operations in India and abroad.
The company’s flagship core banking software products, TrustBankCBS and MicroFinS, cater to streamlining business operations and automating various banking activities. “Our flagship products enable BFSI companies to streamline their business operations to reduce operations and support costs,” remarked Trust Fintech.
Notably, the company reported a net profit of INR 4 Cr in FY23, marking a significant increase from INR 1.3 Cr in the previous year, with total revenue reaching INR 22.7 Cr. “We have been aggressively expanding our business operations in India and abroad,” highlighted Trust Fintech. Corporate Capital Ventures is the lead book runner in this IPO. “SME IPOs have picked pace in India in the last two years, with many internet and new-age tech companies also opting for SME listings,” the company noted, referencing the growing trend of SME listings in India.
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