Sangam Finserv is a cautious moneylender that also runs a side portfolio of stocks, bonds and private-company stakes - a two-track model where lending generates steady interest income and the investment book hunts for capital gains, all from a small base in Rajasthan. The company began in 1981 as a Kolkata-registered finance and trading firm, shifted its registered office to Bhilwara in 2022, and rebranded from Suchitra Finance & Trading Co. to Sangam Finserv in 2023. Its recurring approach is to lend against security wherever possible, keep the loan book concentrated among known corporate borrowers and group companies, and actively manage surplus funds through capital-market instruments - a philosophy the management itself describes as cautious, especially in the face of stiff competition.
Business segments
A single financial-services engine with two distinct activities - lending to corporates and individuals, and investing in equities, debentures and private-company stakes - both funded by borrowings from banks, body corporates and related parties.
1. Lending: the interest-earning core
The company extends secured and unsecured loans primarily to corporate entities, with a portfolio that has swung between heavy concentration in a few hands and a broader mix of non-corporate borrowers, and earns interest plus processing and documentation fees on every loan.
- Loans to corporates, secured where possible - as of March 2025, the gross loan book of about Rs. 108 crore was split across corporate entities secured by hypothecation (roughly Rs. 36 crore), corporate entities secured by tangible assets (about Rs. 6 crore), unsecured corporate entities (roughly Rs. 19 crore), non-corporate entities secured by tangible assets (about Rs. 44 crore), and related corporate entities (roughly Rs. 3 crore), a shift from earlier years when the book was almost entirely corporate and partly unsecured.
- Related-party lending is a deliberate choice - the company has historically lent to group entities such as Sangam Ananya Developers and Sangam Lifespaces, and during FY24 it increased lending to known business associates and group companies because management saw it as safer and offering higher returns.
- Fees top up the interest income - beyond interest calculated on a time-proportion basis, the company collects processing, documentation, login and pre-closure charges, all recognised at the point the service is delivered.
- Borrowed money fuels the loan book - total borrowings stood at about Rs. 27 crore as of March 2025, sourced from a vehicle loan from Kotak Mahindra Bank, a bank overdraft against fixed deposits, and unsecured loans from others; the company does not accept public deposits.
- Credit risk sits with corporate counterparties - the company manages this by dealing only with borrowers that have sufficient credit ratings and by monitoring how much exposure it has to any single one.
2. Investments: the capital-gains side bet
A parallel book of listed shares, mutual funds, debentures and unquoted private-company stakes - measured at fair value so that gains and losses flow through the income statement - sits alongside the loan portfolio and gives the company a second way to generate returns on its surplus.
- A mix of public and private bets - as of March 2025, the Rs. 36 crore investment portfolio included listed shares (about Rs. 16 crore), mutual funds (roughly Rs. 3 crore), an Alternative Investment Fund stake (about Rs. 9 crore), unlisted debentures (roughly Rs. 3.5 crore), and unquoted equity in private companies such as Parishray Elegancy, Physicswallah and PRYM Solutions.
- Fair-value accounting makes performance visible - investments are carried at fair value through profit or loss or through other comprehensive income, so changes in market prices or assessed valuations are recognised in the statement of profit and loss as they occur, not just when the company sells.
- The private-company book has grown over time - in FY22, unquoted equity stakes were limited to four small holdings worth about Rs. 26 lakh; by FY25, the company had added positions in Physicswallah Limited and PRYM Solutions, with the Parishray Elegancy stake alone valued at roughly Rs. 4.6 crore.
- A money-changing sideline adds a steady trickle - the company also runs a money-changing business, from which it expects consistent profitability, though it is not broken out as a separate segment.
Group structure and partners
The company is a tightly held entity with a single majority owner, no subsidiaries, and a small in-house team - a lean structure that keeps decision-making concentrated.
- Marigold Investrade is the 63% parent - Marigold Investrade Private Limited has held a consistent 63.08% stake across all reported years, making it the holding company under a group that also includes Repose Financial Consultants (7.63%) and the R P Soni Daughters Trust (6.09%) as other significant shareholders.
- No new subsidiaries or joint ventures during the year - the company reported that no company became or ceased to be a subsidiary, joint venture, or associate during the financial year under review.
- A team of fewer than 20 people - the company had 19 employees as of March 2024, up from 13 a year earlier, running lending, investment and compliance operations from its Bhilwara registered office and a corporate office in Mumbai.