• Bhubaneswar India
  • Contact+ 91-9938772605
  • Mon - Sat : 10:00AM - 6:00PM

Tag: NBFC

Poonawalla Fincorp AUM up 52% YoY to Rs26,972 crore PPoP at Rs432 crore in Q1FY25, up 47% YoY and 6% QoQ

Chennai, July 22, 2024: The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC, focusing on consumer and MSME finance, today announced its unaudited financial results for the quarter ended June 30, 2024.

The Company continued to register consistent growth in AUM & profitability, superior asset quality and customer engagement during this period.

Key Highlights – Q1FY25:

Assets:

  •  Assets Under Management (AUM) stood at ₹26,972 crore, up 52% YoY and 8% QoQ
  •  AUM Mix consist of 35% MSME finance, followed by 28% personal and consumer finance, 17% loan against property and 14% pre-owned car.

Asset Quality:

  •  Gross NPA at 0.67%, lower 75bps YoY and 49bps QoQ
  •  Net NPA at 0.32%, lower 44bps YoY and 27bps QoQ
  • Provision Coverage Ratio stood at 52.53%

Profitability:

  • Operating Profit (PPOP) was ₹432 crore, up 47% YoY and 6% QoQ
  • Profit After Tax (PAT) was ₹292 crore, up 46% YoY
  •  Return on Assets (RoA) stood at 4.62%
  •  Net Interest Income (inc. fees and other income) was ₹676 crore, up 42% YoY and 5% QoQ

Capital Adequacy and Liquidity:

  • Capital Adequacy Ratio was 31.57%, with Tier-1 at 30.09%, well above the regulatory requirement of 15%
  • Liquidity buffer stood at ₹5,192 crore.

Commenting on the results, Mr. Arvind Kapil, Managing Director and CEO, Poonawalla Fincorp, said,

“Our fundamental guiding philosophy for all businesses will be productivity, predictability and sustainability. We envisage achieving it through higher investments mainly in collections, technology and launch of new businesses. This will help us build a retail franchise step-by-step, process-by-process with solid risk management and mix of right products.”

Retail tech small format grocery chain Frendy raises Rs 2 crore in debt from UC Inclusive Credit

Ahmedabad, 16th July, 2024: FRENDY, a tech-enabled small format grocery chain addressing daily shopping needs of tier 3 and beyond cities, has raised Rs 2 Cr as working capital credit from UC Inclusive Credit (UCIC), an NBFC arm of Unitus Capital. The capital will be deployed to fund its central inventory needs to feed its network of Frendy Marts & Micro Kiranas in Tier 3+ towns of Gujarat.

UCIC, incubated by Unitus Capital, is an impact focused Non-Banking Finance Company (NBFC) and is focused on positively impacting the lives of millions of people by supporting companies with creative and timely debt capital.

Commenting on the development, Abhijit Ray, Managing Director, UC Inclusive Credit, says, “UCIC provides loans to companies which are led by strong founders and supported by reputed investors – these companies are addressing large market needs through innovative products and services. Frendy, promoted by visionary and highly experienced founders, has been catering to the needs of micro and small entrepreneurial ventures in Tier 2 & Tier 3 cities of India and hence UCIC is proud to partner with Frendy’s team.”

Based in Ahmedabad, Frendy was founded in 2019 by Sameer Gandotra, an MBA from the Wharton School and serial entrepreneur, Harshad Joshi, a graduate from ISB, IRMA, and ex-Walmart & Metro Cash & Carry, and Gowrav Vishwakarma, a serial tech entrepreneur.

Sameer Gandotra, Founder & CEO, Frendy, says, “As we aim to scale our business 4x, we intend to raise equity and expand our credit lines. Having a lending partner in UCIC adds additional operational & financial discipline which is always good for early stage startups. We have achieved close to 40 annual turns of inventory at our Central Warehouse as we use our proprietary tech enabled Auto Replenishment System (ARS) to restock out Marts & serve the Micro Kiranas. Such high inventory turns allows us to finance our Central inventory with a credit facility. UCIC has a deep understanding of MSMEs and startups operating in the Bharat sector which makes them a perfect partner for Frendy as we enter our growth phase.”

Frendy is building a network of modern neighbourhood grocery mini-marts that “makes daily shopping better” for consumers in small towns and villages of India. Frendy’s Marts are also digitally connected to a cluster of micro-kiranas (mom-and-pop stores) and their end customers, allowing Frendy to build a last mile digital commerce bridge to serve a wider range of rural consumers. It currently operates 25 Marts & 2000+ micro-kiranas, across rural Gujarat and it aims to expand its business to 100 Marts & 3,000 Micro Kiranas in the next 12 months. The Company had a revenue of Rs 82 Cr for FY23 and aims to double its sales in the next 12 months as the brand expands its geographical footprint.

Frendy’s unique Hub & Spoke model allows it to generate retail margins at its Marts & has a tech-enabled B2B layer for smooth operations of the micro kiranas. Frendy has also built a 300 SKU-strong private label portfolio.

Companies boosting productivity across industries

With multiple industries blooming in India, a lot of forward-thinking companies are bringing in enhancements and making lives easier. These brands are helping ease processes, build value, save time and lives, enhance efficiency and induce productivity. Through their offerings, increased customer satisfaction and experience are also witnessed and the potential is brought to the forefront. Here, we delve into these brands, that are setting new benchmarks:

1. Hilti – Headquartered in Schaan, Liechtenstein, and with facilities in 120 countries, Hilti is committed to making construction better through technology, power tools, software, and services. Its direct sales approach enables deep customer connections to understand their needs for productivity, safety and sustainability. In India, it has been a journey of over 25 years. Operating nationwide, Hilti India boasts an advanced manufacturing facility for high-quality concrete cutting diamond inserts and a global product development team driving innovation in mobile apps, internet technologies, and data analytics for construction industry. Hilti has been certified seven times as a Great Place to Work and also distinguished as a leading workplace for women in construction and infrastructure.

2. ACT Fibernet – ACT Fibernet is one of India’s largest wired ISPs, headquartered in Bengaluru, with operations in 25 cities and serving 2.2 million customers. Known for its cutting-edge technology and high-speed broadband connectivity, the company made waves in 2019 with the launch of its consumer product, ACT stream TV 4K. ACT Fibernet pioneered 1 Giga-speed connectivity in India, first in Hyderabad in 2017, followed by Bengaluru and Chennai in 2011.

3. TreadBinary – TreadBinary provides expertise in Research and Development process and help with designing robust data management systems. TreadBinary’s expertise is crucial for startups aiming to track their progress and manage their finances effectively. Additionally, to track governance tasks such as accounting, and project management, ensuring that operations run smoothly and funding is utilised efficiently to prevent premature exhaustion. They leverage advanced technologies like ERP cloud systems, artificial intelligence, and machine learning to enhance service delivery and improve outcomes. By integrating these technologies, TreadBinary can support sustainable growth and operational success for startups, ensuring they remain competitive and innovative in their respective fields.

4. Revfin – Revfin, an innovative digital lending platform, is spearheading a transformation in sustainable mobility while actively promoting financial inclusion in India by offering convenient and accessible financing solutions. Revfin employs cutting-edge techniques such as Biometrics, Psychometrics, and Gamification to issue loans based on non-traditional data sources through its own NBFC. With a robust digital infrastructure and IoT-enabled monitoring capabilities, Revfin stands out in vehicle tracking, empowering drivers to optimise their earnings. Since its establishment in 2018, Revfin has been at the forefront of revolutionizing sustainable mobility, initially focusing on financing E3Ws and later expanding its scope to encompass various electric vehicles, including 2Ws, 4Ws, batteries, and charging stations. Sustainable mobility, ecosystem development, financial inclusion, and women’s empowerment form the core principles of Revfin, evidenced by its financing of approximately 50,000 vehicles across all categories and by partnerships with over 50 OEMs.

As they bring in innovations, these companies are upgrading their industries and setting examples.