DhanSafal Finserve Limited (formerly **Luharuka Media & Infra Limited**) is a listed **NBFC-ICC** (Investment and Credit Company) registered with the **Reserve Bank of India (RBI)**. Classified under the **Base Layer** of the Scale-Based Regulation (SBR) framework, the company has undergone a comprehensive strategic pivot from inter-corporate lending to a technology-led, retail-focused financial services provider. Under its flagship brand **"DhanSafal,"** launched in **July 2024**, the company targets the "missing middle"—underserved MSMEs and first-generation entrepreneurs in semi-urban and rural markets. --- ### **Strategic Pivot: The "DhanSafal" Retail Transformation** The company has transitioned from a legacy model of wholesale lending to a high-velocity retail and MSME portfolio. This transformation is anchored by a digital-first identity and a focus on secured, collateral-based financing. * **Brand Identity:** Rebranded in **May 2025** to align its corporate name with its operational focus on financial inclusion. * **Market Positioning:** Strategically bridges the gap between organized commercial banks (which often have stringent collateral requirements) and informal money lenders (who charge usurious rates). * **Operational Hubs:** Shifted its registered and corporate headquarters to a modern facility in **Lotus Corporate Park, Goregaon East, Mumbai** in **August 2025** to support its scaling workforce. --- ### **Core Product Ecosystem: The "Safal" Suite** DhanSafal’s primary business model revolves around three flagship products designed for scalability and risk mitigation through collateralization. | Product Name | Category | Loan Amount | Tenure | Primary Purpose | | :--- | :--- | :--- | :--- | :--- | | **Safal Udyog Loans** | Working Capital | **₹3 Lakhs – ₹10 Lakhs** | **3 – 7 Years** | Inventory, cash flow, and overhead management. | | **Safal MSME Loans** | Business Growth | Mid-to-High Ticket | **3 – 10 Years** | Scaling operations and technology upgrades. | | **Safal Sampati Loans** | Loan Against Property | High-Value | Customized | Converting property equity into investment funds. | **Key Operational Features:** * **Secured Lending:** All primary products are backed by residential, commercial, or industrial property assets. * **Target Segments:** Focuses on **Micro, Small, and Medium Enterprises (MSMEs)** and self-employed individuals. While established businesses are preferred, the company also finances **start-ups** with robust business plans. * **Legacy Portfolio:** Maintains a secondary portfolio including **personal loans, loans against securities, trade financing, and bills discounting**. --- ### **Financial Performance & Growth Trajectory** The company has demonstrated explosive growth in its loan book and revenue following its rebranding and capital infusion. **Comparative Financial Metrics (as of Dec 31, 2025):** | Metric | Dec 31, 2025 | Dec 31, 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | **Assets Under Management (AUM)** | **₹8,045.91 Lakh** | **₹3,362.00 Lakh** | **141%** | | **Revenue from Operations** | **₹8.59 Crore** | **₹3.01 Crore** | **185%** | | **Net Worth** | **₹6,190.92 Lakh** | **₹4,335.92 Lakh** | **42.8%** | | **Disbursement Cases** | **670+ cases** | **280+ cases** | **139%** | | **Customer Base** | **700+ active** | **300+ (May '25)** | **133%** | **Profitability & Yields:** * **Interest Income:** Surged by **164%** YoY (as of Sept 2025) to **₹4.75 crore**. * **Investment Note:** Short-term net profit for FY25 (**₹37.15 lakh**) was lower than FY24 (**₹60.59 lakh**) due to aggressive front-loading of costs, including increasing headcount from **8 to 50+ employees** and infrastructure expansion. --- ### **Capital Structure & Funding Strategy** DhanSafal is transitioning from an equity-heavy base to a diversified funding model to optimize its cost of capital. * **Rights Issue (Sep 2024):** Raised **₹28.11 crore** by allotting **9,37,20,000** shares at **₹3** per share. * **Preferential Warrants (Apr 2025):** Allotted **8,66,20,000** warrants at **₹4.31** (totaling **₹37.33 crore**). As of late 2025, **2.72 crore warrants** have been converted into equity. * **Borrowing Power:** Shareholders approved an increase in borrowing limits to **₹300 crore** to facilitate debt-led expansion. * **Authorized Capital:** Increased to **₹30 crore** in **September 2024**. --- ### **Geographic Footprint & Distribution Model** The company utilizes a **hub-and-spoke model** to penetrate **Tier I, II, and III** cities across four key industrial states: * **Maharashtra:** Mumbai, Pune, Nagpur, Nanded, Panvel, Kalyan, Pimpri. * **Rajasthan:** Jaipur, Udaipur, Bhilwara. * **Madhya Pradesh:** Indore, Pithampur. * **Uttar Pradesh:** Agra, Noida/Ghaziabad. --- ### **Strategic Alliances & Digital Infrastructure** To accelerate market penetration without heavy capital expenditure, DhanSafal leverages co-lending and advanced technology. * **Co-Lending Partnerships:** * **Vastu Finserve India Pvt. Ltd.**: **₹75 Cr** arrangement under the **CLM 1 model** for the mortgage segment. * **Singularity Creditworld Pvt. Ltd.**: **₹40 Cr** arrangement for MSME lending. * **Technological Integration:** Employs a **Loan Origination & Management System (LOS/LMS)** with API integrations for **Aadhaar, PAN, CIBIL**, and automated bank statement verification to ensure rapid, data-driven underwriting. --- ### **Governance, Leadership & Human Capital** The company has significantly strengthened its leadership to manage its transition into a retail powerhouse. * **Key Appointments:** **Bobby Singh Chandel** (CEO) and **Shailendra Gupta** (COO) joined in early 2025. The board includes a former **RBI Chief General Manager** for enhanced regulatory oversight. * **Employee Incentives:** Introduced the **Employee Stock Options Scheme (ESOP) 2025**, with in-principle approval for **1,90,00,000** equity shares to retain top talent. * **Risk Oversight:** Established a formal **Risk Management Committee** (effective April 2025) to monitor ESG, cybersecurity, and operational risks. --- ### **Risk Profile & Mitigation Framework** DhanSafal manages risks through a structured framework overseen by the Audit and Risk Management Committees. **Financial & Operational Risks:** * **Liquidity & Interest Rate Risk:** Managed through rolling forecasts and a focus on **fixed-rate borrowings**. The company maintained a **positive cash balance** throughout FY25. * **Credit Risk:** Mitigated via **impairment analysis** and a strict focus on **secured assets**. * **Asset-Liability Management (ALM):** A critical priority as the company scales its long-term loan book against short-term liabilities. **Legal & Project-Specific Risks:** The company is currently litigating two legacy real estate projects with a combined carrying value of **₹537.12 Lakhs**: 1. **Kandivali (Charkop Village):** **₹446.62 Lacs** under dispute with Krishna Sagar Builders Ltd. 2. **Juhu, Mumbai:** **₹90.50 Lacs** under dispute with Krishna Developers. --- ### **Future Targets (FY 2025-26)** * **Disbursement Target:** **₹200 – ₹225 crore**. * **AUM Target:** Exceeding **₹250 crore**. * **Network Expansion:** Continued focus on deepening presence in existing states and exploring new high-growth industrial corridors.