F Mec International Financial Services is a small, non-deposit-taking lender that has spent three decades trying to bridge the gap between India’s traditional banking system and the borrowers it overlooks - individuals, micro-enterprises, and small businesses that need credit but lack the paperwork or scale that big banks demand. Incorporated in 1993 and registered with the Reserve Bank of India since 1998, the company began as a captive finance unit and has since tried to reinvent itself as a diversified, technology-enabled NBFC, most recently rebranding as Dhvija Finance Limited to signal a shift toward digital lending. The recurring approach is to use partnerships with fintech platforms and a proprietary rule engine to reach customers it could never find on its own - a small balance-sheet lender trying to punch above its weight by plugging into other people’s distribution pipes.
Business segments
A single lending engine, but one that reaches borrowers through multiple channels - direct retail and SME loans, plus two fintech partnerships that act as outsourced origination pipes for electric-vehicle and salary-advance customers.
1. Lending: a small-ticket credit shop for the unserved
The company lends its own capital to individuals, small businesses, and corporates across urban and rural India, earning the spread between what it charges borrowers and what it pays to borrow - but its real differentiator is the fintech partnerships that feed it customers it could not otherwise find.
- Loans to people banks ignore - it makes retail loans, personal loans, and advances against salary to salaried individuals facing urgent cash needs, with terms set by the borrower’s income and repayment record rather than rigid bank-style criteria.
- Small businesses are the backbone - it offers secured and unsecured loans to SMEs, MSMEs, and professionals, including working-capital facilities and term loans backed by the borrower’s home, office, or four-wheeler, which gives the company a claim on an asset if things go wrong.
- Electric vehicles are the growth bet - it finances e-rickshaws and e-two-wheelers using a proprietary rule engine for credit decisions, aiming to bring drivers and small fleet operators into formal finance while pushing sustainable transport.
- Corporates get term loans too - it lends to companies for expansion and working capital, though this is a smaller part of the book alongside the retail and SME portfolios.
- Paid on the spread, plus fees - it earns interest income on loans using the effective-interest-rate method, and layers on service charges, distribution fees from selling third-party products, and foreclosure penalties when borrowers repay early, all recognised only when the cash actually arrives.
2. Fintech partnerships: outsourced customer pipes
Rather than building its own branch network or digital brand, the company plugs into two specialist platforms - one for EV loans, one for salary advances - that originate customers and feed them into F Mec’s balance sheet.
- Finayo brings the e-rickshaw drivers - this AI-powered SaaS platform specialises in lending for e-rickshaws and e-two-wheelers, and the partnership, signed in June 2024, targets over Rs. 25 crore in combined disbursements within two years.
- Twinsalary brings the salaried workers - a financial-wellbeing platform that offers personal advances to employees of partner organisations, with the partnership aiming for over Rs. 35 crore in disbursements within two years, giving F Mec access to a pre-vetted, employed customer base.
- The company provides the capital, the partners provide the pipe - F Mec funds the loans on its own book while the platforms handle origination, credit scoring, and customer interface, which is how a small Delhi-based NBFC with no branches reaches borrowers across multiple states.
Group structure and partners
A standalone company with no subsidiaries, a single office, and a history of exiting distractions to focus entirely on lending.
- No group, no subsidiaries - the company has no subsidiaries, associates, or joint ventures as of FY25, having divested a majority of its stake in YDS Securities Private Limited in FY20, after which it ceased to be a subsidiary, and the remaining investment was held as a non-current investment in FY23.
- One office, recently expanded and then contracted - it operates from a registered office in New Delhi’s Connaught Place area, briefly took additional space in Mumbai in mid-2025 for business expansion, but vacated that office by February 2026.
- Banking relationships are its funding lifeline - it borrows from ICICI Bank, Yes Bank, and RBL Bank to fund its lending, which is the standard NBFC model of using bank credit lines to build a loan book.
- Audit and compliance are outsourced to Delhi-based firms - its statutory auditor, internal auditor, and secretarial auditor are all independent firms, and its share registry is handled by Skyline Financial Services, a common arrangement for small listed companies.