Anupam Finserv Limited (formerly **Vantage Corporate Services Ltd.**) is a **Non-Deposit taking Non-Systemically Important Base Layer Non-Banking Finance Company (NBFC)**. Registered with the **Reserve Bank of India (RBI)** since **April 20, 1998** (Registration No. **B-13.00707**), the company has evolved from a traditional finance firm into a diversified provider of solution-based lending and asset leasing. --- ### **Strategic Pivot: High-Growth Verticals & Green Financing** The company is currently executing a strategic transition toward a digitally-enabled, multi-sector NBFC model. This shift focuses on "green" initiatives and specialized equipment financing to capture niche market segments. * **Green Energy & EV Ecosystem:** A primary growth pillar involving credit facilities for **rooftop solar panel installations**, **EV batteries**, **EV chargers**, and **Electric Vehicles** (spanning two-wheelers to four-wheelers). * **Healthcare Infrastructure:** Providing specialized credit to hospitals for high-value medical equipment, including **CT Scanners, MRI machines, X-ray units, and Sonography machines**. * **Supply Chain Finance:** Expanding into **Bills/Invoice Discounting** to provide liquidity solutions for businesses against outstanding receivables, diversifying the credit book away from traditional term loans. * **Digital Lending Transformation:** Leveraging digital platforms and outsourcing arrangements to increase market penetration, streamline customer acquisition, and enhance risk management. --- ### **Revenue Model & Segment Performance** Anupam Finserv operates through two primary reportable segments under **Ind AS 108**, balancing interest-based income with asset-backed leasing revenue. | Segment | Core Activities | Revenue Contribution | | :--- | :--- | :--- | | **Financing** | Short-term business loans, working capital for hospitals, personal loans, loans against property/shares, and supply chain financing. | **~56.26% to 63.02%** | | **Leasing** | Operating leases of vehicles (cars) for corporate mobility and employee solutions. | **~36.98%** (as of Aug 2025) | --- ### **The "Alliance cum Service" Partnership Model** To scale operations without the overhead of a massive physical footprint, the company utilizes strategic B2B partnerships for customer sourcing and credit evaluation: * **Spoctech Green Ventures Pvt Ltd:** Partner for sourcing green asset loan products (Solar, EV); manages end-to-end documentation and preliminary credit checks (Agreement: **May 31, 2024**). * **BG Networks Pvt Ltd:** Facilitates hospital loan referrals and provides a digital platform for advances and recoveries in the healthcare sector (Agreement: **August 22, 2023**). * **Dream Road Technologies Pvt Ltd:** Partner for vehicle operating leases and customer-facing credit lines (Agreement: **June 04, 2021**). --- ### **Capital Structure & Financial Solvency** The company maintains a robust capital position characterized by high adequacy and low leverage, providing a significant buffer for expansion. **Key Financial Metrics (As of March 31, 2025):** * **CRAR (Capital to Risk-Weighted Assets Ratio):** **92.5%** * **Debt Equity Ratio:** **0.10** * **Total Overdue (>90 days):** **₹6.30 million** (approx.) * **Contingent Liabilities:** **Nil** (as of March 31, 2024) **Recent Capital Actions:** * **Rights Issue (Jan 2025):** Raised **₹20.24 Crores** by issuing **11,56,37,500** equity shares at **₹1.75** per share. * **NCD Issuance (Dec 2025):** Approved the private placement of **392 Secured, Unlisted, Unrated, Redeemable Non-Convertible Debentures (NCDs)** at **₹1,00,000** each, totaling **₹3.92 Crores**. * **Authorized Capital:** Increased from **₹12 Crores** to **₹36 Crores** in 2024 to facilitate future fundraising. * **Bonus Issue:** Executed a **1:10 Bonus Issue** in February 2022, increasing the paid-up capital base. --- ### **Corporate Governance & Human Capital** The company is led by **Mr. Pravin Nanji Gala** (Promoter) and has recently restructured its executive tier to drive its new growth strategy. * **Promoter Holding:** **29.33%** (as of January 2025). * **Leadership:** **Mr. Siddharth Gala** was appointed MD & CEO in August 2025, and **Mr. Vishwajeet Katkar** joined as Chief Business Officer in November 2025. * **Incentivization (ESOP 2025):** Launched a pool of **2,00,00,000** options (approx. **10.54%** of paid-up capital). A specific grant of **80,00,000** options was issued to the CBO at an exercise price of **₹1.90**, tied to performance over a **1 to 5-year** vesting period. * **Dematerialization:** **98.09%** of paid-up equity capital is held in dematerialized form. --- ### **Risk Management & Compliance Profile** Anupam Finserv employs a structured **Expected Credit Loss (ECL)** model to manage credit risk, staging assets based on **Days Past Due (DPD)**. **Operational & Regulatory Risks:** * **Asset Quality:** Unsecured loan exposure stood at **78.24%** of the Gross Loan Book as of Sept 2024. The company targets a **Net NPA ratio below 3%**. * **Cybercell Incident:** A bank account containing **₹2,82,038** was frozen in **February 2021** due to links with a former fintech partner, **Yomoyo Blossom Technology**. While a **No Objection Certificate** was received on **November 25, 2025**, and funds realized in **January 2026**, it highlights the risks of third-party digital partnerships. * **Legal & Regulatory:** * Promoter **Pravin Nanji Gala** is involved in ongoing **SEBI** adjudication regarding alleged past violations of **ICDR** and **FUTP** regulations. * Historical non-compliance noted regarding the re-appointment of Independent Directors over **75 years of age** without following specific **SEBI LODR** protocols in 2022. * **Market Risks:** Exposure to interest rate volatility and market fluctuations of its **₹62.23 Lakhs** investment portfolio in listed securities. * **Concentration & Competition:** Faces intense competition from larger Banks and NBFCs with lower costs of funds. The company also manages **Asset-Liability Mismatches (ALM)** as it scales its lending book. --- ### **Related Party Transactions** The company maintains business relationships with several promoter-linked entities on an arm's length basis, including: * **Nipra Trading** * **GM Mercantile** * **Anupam Wealth** * **Anupam Stationery**