Backed by marquee investors, Trust Fintech eyes listing in March 2024 on NSE Emerge

Trust Fintech Limited, a leading service provider of SaaS product-focused fintech software solutions, has raised Rs. 5.42 crore in its pre-IPO round, with prominent investors including Tejas Goenka, MD of Tally Solutions; Nitin Sathawane, Head of Business at Mphasis Canada; Ramnath Raikar, former Treasury Head at HDFC Bank; Sameer Gupte, MD at NSDL Data Management Limited; Siddharth Raisoni from Raisoni Group; and Amit Kumar from MSMEx investing in the pre-IPO round. The company, a product of the MSMEx SME IPO Cohort program, filled DRHP earlier this month and is set to list on NSE Emerge in March. The initial public offering will include a fresh issue of 62,82,000 equity shares, each with a face value of Rs. 10.

Corporate Capital Ventures Private Limited is the Book and Lead Manager for the issue, having completed several successful SME IPOs in the recent past, including Alpex Solar, Rockingdeals, Accent Microcell, Oriana Power, Dronacharya, and Crayons Advertising, among others. Bigshare Services Private Limited is the registrar for the issue.

As per DRHP, the company intends to utilise net proceeds from the IPO to establish a new development facility at Mihan SEZ in Nagpur, procure hardware and upgrade IT infrastructure, enhance, maintain, and upgrade existing products, and fund its global and domestic business development, sales, marketing, and general corporate expenses.

The Nagpur-headquartered company provides Core Banking SaaS Products and Fintech Software Solutions around ERP Implementation and Customized Software solution Development, SAP B1 and Offshore IT services for the BFSI sector.

Trust Fintech was founded by Mr. Hemant Chafale, Mr. Mandar Deo and Mr. Heramb Damle, with a focus on delivering secured core banking solutions & world-class technological solutions to a virtually integrated banking and financial ecosystem. The company has evolved over the last 25 years, adapting to the technology and market shifts to reach its current business model and product version. Veteran banker (ex-Bank of Baroda, Standard Chartered and HDFC Bank), Anand Kane also joined the company in 2016, thereby offering a new direction to Trust's growth story.

Trust Fintech reported, as per the restated statement, a total revenue of Rs. 18.83 crore and earned a profit (PAT) of Rs. 7.27 crore during the first half of the current fiscal year, which ended September 30, 2023. In FY 2022-23, the company recorded a total revenue of Rs. 22.70 crore and a profit (PAT) of Rs. 4.02 crore.

Source : Equity Bulls

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