Trust Fintech Limited, SaaS product-focused fintech software solution provider, files DRHP

Trust Fintech Limited (The company or TFL), a leading provider of SaaS product-focused fintech software solutions, announced the filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company's initial public offering comprises a fresh issuance of 62,82,000 Equity Shares, each with a face value of Rs. 10. The company has designated Corporate Capital Ventures as Book Running Lead Manager to the Issue, and Bigshare Services Private Limited is the Registrar. Trust Fintech is from the MSMEx SME IPO Cohort program.

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

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

Trust Fintech has been aggressively expanding its business operations in India and abroad by adapting to the ever-changing regulatory compliances of the global BFSI sector. The company operates through its offices in Nagpur, Pune and Mumbai. The company is planning to increase its workforce from the existing 263 employees to 1000 people within the next three years.

The company primarily implements and deploys its flagship core banking software products - TrustBankCBS and MicroFinS. While TrustBankCBS meets the needs of medium to large banks & financial institutions, whereas MicroFinS provides services to small & growing co-operative societies, SACCOS & other similar banking institutions. The company implements TrustBankCBS in more than 1250 bank branches in India and plans to ramp up implementation in 2250 branches by FY25.

TrustBankCBS streamlines banking operations by offering end-to-end solutions. It enables seamless customer onboarding, KYC compliance, and robust loan management. Equipped with modules for treasury management, funds automation and business intelligence, TrustBankCBS empowers banks to operate efficiently, meet compliance requirements, and deliver a superior customer experience. With the flexibility to customise for central bank requirements, the company has deployed this software in India, Sri Lanka, Nepal, California, Gambia, Tanzania, Ghana, Liberia, Nigeria and Zimbabwe.

On the other hand, MicroFinS is a low-cost, cloud-based core banking solution for savings & credit for co-operative societies (SACCOS), credit unions and microfinance institutions. It offers a comprehensive suite of solutions, covering diverse accounts, deposits, centralizable configurations, business intelligence, loans, and statutory compliances. Its graphical business intelligence reports enable quicker decision-making, while features such as configurable loan products and centralized parameters optimise operations, making it a valuable asset for SACCOS with a focus on affordability and efficiency.

Trust Fintech was founded by Mr. Hemant Chafale, Mr. Heramb Ramkrishna, Mr. Mandar Kishor Deo with a focus on delivering secured core banking solutions & world-class technological solutions to a virtually integrated banking and financial eco-system. 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.

As per the restated financial statements, Trust Fintech posted 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, compared to a total revenue of Rs. 22.70 crore, with a profit (PAT) of Rs. 4.02 crore in FY2022-23.

Source : Equity Bulls

Keywords

TrustFintech FundRaising IPO NSEEmerge DRHP