Trust Fintech Secures Pre-IPO Funding Ahead of March Listing
Trust Fintech Ltd, a software solutions provider headquartered in Nagpur, has successfully raised ₹5.42 crore in a pre-IPO funding round. This announcement coincides with the company’s recent filing of preliminary papers for an Initial Public Offering (IPO), with their shares anticipated to be listed on the NSE Emerge in March 2024.
Prominent Investors Join the Round:
The funding round attracted participation from notable figures in the industry, including:
- Tejas Goenka: Managing Director of Tally Solutions
- Nitin Sathawane: Head of Business at Mphasis Canada
- Ramnath Raikar: Former Treasury Head at HDFC Bank
- Sameer Gupte: Managing Director at NSDL Data Management Ltd
These investments demonstrate strong confidence in Trust Fintech’s potential for future growth.
Expanding Footprint and Service Offerings:
Trust Fintech provides a diversified range of services, including:
- Core banking SaaS products
- Fintech software solutions
- Enterprise Resource Planning (ERP) implementation
- Customized software development
- SAP B1 solutions
- Offshore IT services for the Banking, Financial Services, and Insurance (BFSI) sector
The company plans to utilize the funds raised from the IPO and pre-IPO round for several strategic purposes:
- Establishing a new development facility at Mihan SEZ in Nagpur: This expansion aims to enhance their development capabilities and support future growth.
- Funding global and domestic business development: The company intends to leverage these funds to expand its market reach and client base both domestically and internationally.
Strong Financial Performance:
As per the company’s Draft Red Herring Prospectus (DRHP), Trust Fintech has exhibited promising financial performance. They reported a total revenue of ₹18.83 crore and a profit of ₹7.27 crore during the first half of the current fiscal year.
Looking Ahead:
With its pre-IPO funding secured and the impending IPO on the horizon, Trust Fintech is positioned for significant growth. The combined resources from the funding rounds, coupled with the expertise of its investors, position the company to solidify its position in the BFSI sector and potentially become a leading player in the fintech space.