Veefin Gets Board Nod To Raise INR 94 Cr

Listed fintech SaaS company Veefin Solutions today received board approval to raise INR 94.1 Cr (about $11 Mn) by issuing fresh equity shares and convertible warrants.

Marking its second fundraise since listing, the company said that it will issue nearly 13 Lakh equity shares to non-promoter investors on a preferential basis at INR 390 each to raise INR 50.7 Cr. The shares will be allotted to backers like SR Global Fund, Piyush Avlani, Yayatikumar Bhatt, and 48 others.

For the equity raise, the company will increase its authorised share capital to INR 30 Cr from INR 25 Cr. This will, however, be subject to shareholder approval at its upcoming extraordinary general meeting (EGM).

At their meeting today, the company’s board of directors also approved issuing 11.1 Lakh convertible warrants worth INR 43.4 Cr to promoters Raja Debnath and Gautam Udani as well as non-promoters Tushar G Agrawal and Priti Ashit Mehta.

“Issuance of upto 11,12,820… warrants each convertible into… one equity share within the period of… eighteen months… at a price of INR 390 each.. aggregating upto INR 43,39,99,800 to the specified promoters and non-promoter shareholders… by way of preferential issue…,” read the company’s filings with the exchanges.

While managing director Debnath will pick up the biggest chunk (3.59 Lakh warrants) for INR 14 Cr, Udani will invest almost INR 6 Cr. Non-promoters Agrawal and Mehta will invest INR 11.7 Cr each to bag 3 Lakh warrants.

This comes nearly a year after Veefin raised INR 136 Cr in December 2024 via a preferential issue to build its product stack and expand its presence. Back then, it had said that it planned to raise an additional round of $18 Mn by January 2025 to “fast-track the growth of Veefin’s innovative product portfolio”. That separate round didn’t materialise.

Founded in 2020, Veefin Group is a BSE SME-listed company which offers supply chain financing and digital lending solutions to its customers. It caters to a diverse base of clientele comprising banks, financial institutions, fintech firms, B2B marketplaces, and large corporations.

The potential fundraise comes at a time when the fintech SaaS company has been on an acquisition spree. In the past year, it has acquired stakes in companies like digital marketing firm White Rivers Media, GenAI startup Walnut AI, lending enablement platform EpikInDiFi, among others.

On the financial front, Veefin’s profit more than doubled (112%) to INR 20.5 Cr in FY25 compared to INR 9.7 Cr in the year ago fiscal. Meanwhile, its revenue from operations stood at INR 80.44 Cr in the fiscal under review, up 222% from INR 24.99 Cr in FY24.

Veefin ended today’s trading day 4.99% higher at INR 391.55 on the BSE SME.

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