Jagsonpal Services is a fintech company building a digital banking platform for the roughly 1.8 million Indian students studying abroad - a business born from the complete reinvention of a dormant finance company after a change in ownership in late 2024. The company was originally incorporated in 1991 as a non-banking finance company (NBFC) and spent decades in lending and stock-market operations before its financing business largely ceased and its RBI registration was cancelled. The recurring approach is to combine the regulatory permissions of a legacy NBFC licence with a mobile-first technology platform, creating a one-stop financial ecosystem for a specific, high-spending customer corridor - starting with Indian students in Australia.
Business segments
A single business under construction - a digital platform for cross-border education finance, not yet generating revenue, built on a newly acquired shell and a freshly assembled team.
1. The student fintech platform: a digital bank for Indians studying abroad
The company is building a mobile app that handles every financial need of an Indian student moving overseas - from pre-admission payments to post-arrival banking - and plans to make money by selling its own loans and distributing third-party financial products.
- One app for the whole journey - the platform is designed as a mobile application (available on Google and Android app stores) that covers cross-border transactions and funding needs from before a student gets admitted right through to life after arrival in the destination country.
- Own products plus a marketplace - the model is to manufacture, distribute, or aggregate the company's own offerings alongside third-party products in a financial marketplace, monetising through a Business-to-Business-to-Consumer (B2B2C) setup that serves students, their families, and education consultants.
- Lending will come from a bought NBFC - future plans include structured education loans offered through a wholly-owned NBFC subsidiary, and the company has already received RBI approval to acquire 100% of Welcast Finstocks Private Limited, an existing NBFC, to combine its lending expertise with Jagsonpal's technology platform.
- Built in-house from scratch - the platform is being developed internally as a "strategic and technical endeavour" blending financial expertise, regulatory compliance, and user-centric technology, with key hires already made in compliance, credit underwriting, technology, and customer experience.
- First target is Australia - the initial geographic focus is on Indian students pursuing higher education in Australia, with a go-to-market plan that targets selected demographics and specific education corridors through partnerships with educational institutions and consultants.
Group structure and partners
A publicly listed shell with no debt, no legacy operations, and a freshly installed leadership team from global banking - now awaiting the closure of an NBFC acquisition to activate its lending engine.
- New owner, new board - Karthik Srinivasan, an Overseas Citizen of India with over 22 years in banking and technology across Asia-Pacific, acquired a 55.94% controlling stake from the founding promoter group in June 2024 and replaced the entire board and key managerial personnel.
- Leadership drawn from big institutions - the board includes Sugandhi Iyer (37 years at State Bank of India, instrumental in launching the YONO app), Dr. Shailendra Naidu (25 years in telecom, digital money, and education), Rodney Pearce (37 years in business strategy), and Satish Ramachandran (35 years in marketing technology and digital marketing).
- Clean balance sheet, no operations yet - as of March 2025 the company had a net worth of Rs. 1,613.40 lakhs, no secured or unsecured loans in the previous year, just 2 employees on payroll, and had generated no revenues since the acquisition.
- The NBFC acquisition is the key to lending - the company is in the process of acquiring Welcast Finstocks Private Limited as a wholly-owned subsidiary, with RBI approval received in July 2026 and roughly 18% of the purchase consideration already paid as of mid-2026.
- Listed on the BSE, with two large shareholders - post a preferential allotment that raised Rs. 15.88 crore, the promoter Karthik Srinivasan holds 60.93% and Zenius Neotech Private Limited (whose ultimate beneficial owner is Rodney Pearce) holds 24.99%.