Mantra Capital Limited (formerly **Savani Financials Limited**) is a **BSE-listed**, **RBI-regulated** Non-Banking Financial Company (**NBFC-ICC**) headquartered in Mumbai. Following a strategic operational relaunch in **September 2024**, the company has positioned itself as a technology-driven lender specializing in risk-calibrated, **100% secured credit solutions**. Mantra Capital focuses on "credit-invisible" borrowers, underserved small businesses, and the burgeoning green mobility sector across India’s **Tier 2, 3, and 4** cities. --- ### **Strategic Market Positioning & "Phygital" Delivery Model** Mantra Capital operates at the intersection of traditional relationship lending and modern digital finance. Its strategy is built on providing "smooth on-ramps" for unserved segments to enter the formal economy. * **Target Geographies:** High-growth corridors in **South India** (**Karnataka, Telangana, Andhra Pradesh, Tamil Nadu**) and the **Delhi NCR** region. * **Distribution Strategy:** A **Hub-and-Spoke** model that ensures physical proximity for collections and relationship management while maintaining a lean corporate structure. * **The "IndiaStack" Integration:** The company leverages **Aadhaar, UPI, CKYC, and DigiLocker** to facilitate a paperless, digitally scalable onboarding process. * **Proprietary Underwriting:** In place of traditional Bureau Scores, which many target borrowers lack, the company utilizes a **Proprietary Score** integrated into its tech stack to ensure rapid **Turnaround Times (TAT)**. --- ### **Specialized Product Portfolio & Livelihood Impact** The company’s credit offerings are anchored in income-generating assets, ensuring that loans contribute directly to the borrower's cash flow. | Product Category | Focus Area | Key Features | | :--- | :--- | :--- | | **Secured Business Loans (SBL)** | MSME & General Trade | Asset-backed financing (including **LAP**) to transition small businesses into the formal credit system. | | **Secured Green Loans (SGL)** | EV & Climate Finance | Financing for **3W-EVs** (passenger/cargo), green logistics, and retrofit projects (**Project Revive/Lift**). | | **Emerging Small Business** | Micro-Entrepreneurs | Dedicated credit lines for the micro-enterprise ecosystem in semi-urban areas. | | **Trade Mobility & Logistics** | Supply Chain | Tailored solutions for the movement of goods and green energy clusters (e.g., textiles). | | **Nano Loans** | Financial Inclusion | Pilot programs focused on women and livelihood financing. | --- ### **Operational Milestones & Rapid AUM Scaling** Since its recapitalization in 2024, the company has demonstrated an aggressive growth trajectory, transitioning from a foundational phase to high-velocity execution. **AUM Growth Timeline:** * **December 2024:** ₹11 Crores * **March 2025:** ₹26 Crores * **June 2025:** ₹43 Crores * **January 2026:** **₹100+ Crores** (Managed AUM) **Key Performance Indicators (as of Jan/Feb 2026):** * **Total Borrowers:** **2,200+** (with **~22.7%** being new to formal credit). * **Branch Network:** **18 Branches** across high-potential regions. * **Workforce:** Scaled from 8 employees in mid-2024 to **176 employees** by 2026. * **Average Ticket Size (ATS):** **~₹7.5 Lakhs**. * **Portfolio Yields:** SBL yields at **~14.5%**; SGL yields at **~25.5%**. * **Environmental Impact:** **1,924.91 tonnes** of CO2 abated via green lending. --- ### **Capital Structure & Financial Fortification** Mantra Capital has undergone significant capital restructuring to fund its expansion and meet regulatory requirements. * **Rights Issue (May 2024):** Raised **₹49 Crore** via **2,80,00,000** shares at **₹17.50** (including premium). * **Preferential Allotment (April 2026):** Issued **38,25,000** shares to non-promoters at **₹20** per share, raising **₹7.65 Crore**. * **Promoter Commitment:** Managing Director **Deepa Kishor Tracy** was allotted **45,00,000 warrants** in April 2026 at **₹20** per share (**₹9 Crore** total), with **50%** paid upfront. * **Debt Diversification:** Established a borrowing limit of **₹500 Crore**. Recent issuances include **₹15 Crore** in Secured NCDs and a **₹2 Crore** unlisted NCD tranche at a **12.75% coupon**. * **Authorised Capital:** Increased to **₹50 Crore** in 2026 to allow for future equity raises. --- ### **Three-Year Strategic Roadmap (FY 2027–2028)** The management has outlined clear financial targets tied to executive compensation and shareholder value creation: | Financial Metric | Target Parameter | | :--- | :--- | | **AUM Milestone (March 2027)** | **₹300 Crore** | | **AUM Milestone (March 2028)** | **₹600 Crore** | | **Return on Assets (ROA)** | **3.0% – 3.2%** | | **Return on Equity (ROE)** | **10% – 11%** | | **Debt to Equity Ratio** | **2.0x – 2.2x** | | **Equity Value Growth** | **4x to 5x** | --- ### **Risk Management & Governance Framework** The company operates under a Board-overseen risk framework designed to mitigate the inherent volatility of lending to informal segments. * **Credit Risk:** Mitigated by a **100% secured lending** mandate and strict monitoring of over-leveraged borrowers in emerging towns. * **Liquidity & Market Risk:** Policy of maintaining adequate surplus to cover all liabilities due within **12 months**. The company reports **zero foreign currency exposure**. * **Regulatory Compliance:** Holds RBI Certificate **B-13.01071**. The name change to **Mantra Capital Limited** was finalized in **December 2025**. * **Employee Alignment:** The **ESOS 2024** scheme allows for up to **32,00,000 options**, aligning staff interests with the **₹300Cr/₹600Cr** AUM milestones. * **Forfeiture Warning:** Investors should note that partly paid-up shares (from the 2024 issue) are subject to a **12% p.a. interest penalty** and potential forfeiture if call money remains unpaid. ### **Comparative Financial Summary** | Metric | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | **Operating Revenue & Other Income** | **₹3.43 Crore** | **₹12.29 Lakhs** | | **Net Loss After Tax** | **(₹8.79 Crore)** | **(₹2.00 Crore)** | | **Paid-Up Equity Share Capital** | **₹31.95 Crore** | **₹4.00 Crore** | | **Borrowing Limit** | **₹500 Crore** | **N/A** | *Note: The net loss in FY25 reflects the heavy upfront investment in technology, branch infrastructure, and human capital required to scale the AUM from near-zero to the current growth trajectory.*