Veefin Solutions has approved raising ₹35 crore through privately placed, unrated, unlisted non-convertible debentures. The board authorised issuance of 3,50,000 NCDs with a face value of ₹1,000 each to fund expansion amid acquisitions, product launches and international growth.
Strong financial momentum backs debt raise
The fresh debt is intended to support business scaling and integration of newly acquired units. Over the past two years Veefin has raised equity and is now adding debt to finance its next phase.
In H1 FY26 the company reported consolidated revenue of ₹110.03 crore, up 476.4% year-on-year. Profit before tax rose 149% to ₹10.38 crore, while profit after tax attributable to shareholders was ₹7.17 crore, a 103.5% increase.
On a standalone basis, revenue grew 108.1% to ₹26.38 crore and PAT climbed 351.3% to ₹6.44 crore. Management expects standalone revenue to rise 75–85% in FY26 and consolidated revenue to expand 200–300% as recent acquisitions begin contributing. The company targets a blended EBITDA margin of 30–35% in the medium term.
Business mix and pipeline
Supply Chain Finance remains a key strength, delivering EBITDA margins above 50%. Demand is also growing for trade finance, cash management and internet banking solutions.
Veefin’s global pipeline is valued at about $45 million, covering 85 deals across 24 countries. More than 35 opportunities are active, including 10 large deals each exceeding $2 million.
Acquisitions and consolidation
The company has completed acquisitions aggregating nearly ₹400 crore to broaden its product suite and market reach. A notable deal was the acquisition of EpikIndifi for around ₹125 crore, which added digital lending products such as personal loans, BNPL, credit cards, mortgages and SME lending.
Other deals include Regime Tax Solutions, Nityo Infotech’s India business and Singapore-based Walnut.AI. Veefin is also merging subsidiaries GlobeTF Solutions and Estorifi Solutions into the parent, with NCLT approval and creditor support.
International expansion includes entry into Sri Lanka through a partnership with IWS Holdings. The company is also extending its presence via the PSB Xchange platform under an exclusive seven-year arrangement; Bank of India was recently onboarded.
Listing plans and funding outlook
Veefin is preparing to migrate from the BSE SME platform to the BSE Main Board and plans a direct listing on the NSE to improve liquidity and attract institutional investors. Earlier equity raises totalling ₹136 crore funded product development and growth initiatives.
While profitability has improved, acquisition-related spending has constrained cash flow, making external funding necessary. The ₹35 crore NCD issuance is the latest step to finance integration and continued expansion in India’s digital banking and fintech market.
