Fynx Capital is an Indian non-bank lender that was born in Gujarat in 1984 as a small leasing company, spent decades as a regional financier, and was then acquired outright in 2023 by new owners who moved it to Mumbai, renamed it, and pointed it squarely at a single mission: lending to the small businesses and gig workers that mainstream banks often overlook. Its recurring approach is to use technology - data analytics, AI, and digital platforms - to find and assess customers who are new to credit, and then to manage the risk of that lending through tight credit models rather than by avoiding the risk altogether. # Business segments A single lending engine, run from one balance sheet, that reaches borrowers through multiple product lines - supply-chain finance, personal loans, two-wheeler loans, loans against property, and microfinance - all aimed at India’s underpenetrated MSME and gig-worker economy. ## 1. Lending to the underpenetrated: where the group places its capital **The company makes its money by originating loans to small businesses and individuals who have thin or no credit histories, then holding those loans on its own books and collecting the interest.** - **Interest income is the engine** - the company earns primarily through interest on its loan portfolio, calculated using the Effective Interest Rate method for loans that are not credit-impaired and on the amortised cost net of impairment loss at EIR for credit-impaired assets, as required by RBI norms. - **Multiple products, one credit factory** - it writes supply-chain finance, personal loans, two-wheeler loans, loans against property, and micro-enterprise financing, so the same underwriting and collections machinery serves several borrower types. - **Microfinance through groups** - for the smallest borrowers, it uses individual lending, group lending, and joint-liability-group structures, including collateral-free term loans aimed at livelihood generation for poor men and women. - **Fees add a second layer** - beyond interest, the company collects foreclosure charges, bounce charges, loan re-scheduling charges, and processing fees that are integral to the effective interest rate, with other fees and commission recognised on an accrual basis over the life of the loan, while foreclosure, bounce and loan re-scheduling charges are accounted on a cash basis. - **Technology as the scout and the guard** - it uses cloud, analytics, AI, and digital lending platforms to reach customers cheaply and to price and control risk, calculating expected credit losses at every reporting date using probability of default, loss given default, and exposure at default, adjusted for forward-looking economic forecasts. # Group structure and partners **A listed standalone NBFC with a single promoter entity, no subsidiaries, and a deliberate web of co-lending and technology partnerships that extend its reach without putting its own capital at full risk.** - **Owned by a promoter group** - 9Anium Tech LLP together with four Persons Acting in Concert (PACs) acquired just under 70% of the equity in 2022-23 through a share purchase agreement with the original Gujarat-based promoters, followed by a mandatory open offer to public shareholders, and now controls the company outright. - **No group companies** - the company has no subsidiaries, joint ventures, or associates, so all lending and all risk sit on one balance sheet. - **Co-lending and guarantees spread the load** - it has approved co-lending arrangements and business-correspondent relationships with other NBFCs, financial institutions, and banks, as well as first-loss default guarantee structures with lenders and sourcing partners, which means it can grow its book while sharing the credit risk. - **A related-party tech backbone** - the company has a commercial arrangement with Billmart Fintech Private Limited, a digital bill-discounting and supply-chain-finance platform founded by a managing director, which had approved roughly ₹400 crores of loans within eight months of its own launch. - **Funding from a related lender** - it can borrow up to ₹5 crore from Lord Krishna Financial Services Limited, a company that shares a director, to fund its lending operations.