Fervent Synergies is a Mumbai-based trading and lending house that was born with a real-estate charter but found its actual footing in two very different businesses - importing almonds and lending against property. The company was incorporated in July 2009 and has always operated as a lean, single-entity outfit with no subsidiaries, no manufacturing, and a tight promoter group that still holds over 70% of the shares. Everything it does runs on its own equity and accumulated surplus rather than borrowed money, which is the recurring theme that explains its conservative, collateral-heavy approach to both trade and credit.
Business segments
Two internal divisions at opposite ends of the risk spectrum - a commodity trading desk that imports a single food item from a related supplier, and a non-regulated lending book secured by real estate - both funded from the same balance sheet.
1. Foods Division: an almond import-and-sell desk
The company buys almonds from a related US supplier and resells them into India's growing health-conscious market - a straightforward trading spread with no manufacturing or processing in between.
- Single-product, single-supplier - the division trades only in almonds, purchasing exclusively from Verve Greens Inc, a related party where two of the company's promoter-directors also serve as directors. That relationship makes the supply chain simple but concentrated.
- Imported on a delivered-cost basis - all purchases are made on CIF (cost, insurance and freight) terms, so the landed cost bundles the product itself with customs duties, clearing charges and foreign-exchange costs before the almonds are sold domestically.
- Riding a dietary wave - India's almond imports have surged because of rising health awareness and changing eating habits, with California-grown US almonds dominating the inflow. The division is a small participant in that broader import trend.
- Lean to the point of invisibility - as of March 2025 the company carried zero almond inventory and had no trade receivables, meaning it either sells on a back-to-back basis or winds down positions completely between cycles. In some years, such as FY22, the division recorded no external sales at all.
2. Finance Division: a collateral-backed lender to borrowers the banks won't touch
It lends its own money - not depositor funds - to businesses and real-estate developers who lack access to regulated finance, earning interest and protecting itself by taking flats as security.
- Non-regulated, own-book lending - the division is not registered with the RBI and operates outside the regulated finance industry, using only the company's equity and accumulated surplus to fund loans. That keeps it free of depositor obligations but also caps how much it can lend.
- Real estate is the collateral of choice - loans go to property developers and other parties, secured by residential flats that the company can register in its own name if repayment looks doubtful. As of March 2025, outstanding loans and advances stood at Rs. 4,100 lakh.
- Collateral can become an asset - or a write-off - when borrowers run into trouble, the company takes over properties and holds them as investment properties on its books at cost. In one case, it registered 10 flats as security but ultimately kept only 4 (worth Rs. 5.54 crore) after insolvency proceedings, writing off the other 6 (Rs. 8.50 crore).
- Surplus cash parked conservatively - when funds are not out on loan, the division puts them into fixed deposits with banks and financial institutions rather than chasing yield. It also holds a small quoted equity portfolio, valued at Rs. 27.65 lakh as of March 2020.
Group structure and partners
A single legal entity with no subsidiaries or joint ventures, held tightly by its promoters and connected to its almond supplier and its borrowers through overlapping directorships.
- The company has no holding company, no subsidiaries and no associate companies - the Foods and Finance divisions are purely internal reporting segments, not separate legal entities.
- The almond supplier, Verve Greens Inc, shares two directors - Vijay Thakkar and Karan Thakkar - with Fervent Synergies, making the Foods Division's purchases from this supplier a related-party transaction conducted at arm's length.
- On the lending side, the Finance Division extends loans to Verve Greens Holding & Realty Pvt Ltd and earns interest from it, alongside loans to other related entities such as Posse Investments, Yester Investments, Hurricane Investment and Leeverage Finance & Securities.