Veefin Solutions raises Rs 48cr for expansion in supply chain finance
Veefin Solutions Limited, listed on the Bombay Stock Exchange (BSE) with scrip code 543931, has received in-principal approval for a fund-raising venture that signifies a major milestone in the Supply Chain Finance (SCF) sector in India. The company is set to raise funds to the tune of Rs 48 crores through a preferential issue, marking a strategic move to bolster its position as a global leader in SCF. This initiative will see the issuance of 13,85,600 equity shares at Rs 10 each and 420,000 warrants convertible into equity shares at the same face value, priced at no less than Rs 267.50, aimed at both non-promoters and promoters respectively.
The capital raised from this preferential issue is earmarked for global sales and marketing efforts, as well as the development of new products, indicating Veefin Solutions’ commitment to expanding its footprint in the SCF and LOS solutions sector. Mr. Raja Debnath, Managing Director of Veefin Solutions, expressed gratitude towards the investors for their confidence in the company’s growth trajectory, emphasizing that the new funds would propel the company into its next growth phase.
Veefin Solutions has established itself as an unparalleled leader in the SCF market, achieving significant client engagement with banks, NBFCs, Fintechs, and other financial institutions over the last 18 months.
The company’s offerings have seen a 300% surge in demand from both Indian and global financial institutions in FY 2023-24, underlining the effectiveness and innovation of its supply chain finance solutions. Veefin’s client base spans various sectors, including private and public sector banks, new-age NBFCs, small finance banks, corporates, and fintechs, showcasing its versatility and broad appeal.
Veefin Solutions Limited is redefining Digital Supply Chain Finance and Digital Lending with its cutting-edge, agile, and scalable technology. Operating with a vision to transform the financial landscape, Veefin offers white-labelled SCF and lending solutions that include a comprehensive lending stack, smart credit decisioning, business intelligence, analytics, and omnichannel onboarding tailored for banks, financial institutions, fintechs, B2B marketplaces, and corporates. Founded in 2020 and headquartered in Mumbai, Veefin also operates from Ahmedabad and Dhaka, reflecting its international reach and ambition.