Sera Investments & Finance India Limited (formerly **Kapashi Commercial Limited**) is an Indian **Non-Banking Financial Company (NBFC)** registered with the **Reserve Bank of India (RBI)**. It is classified as an **NBFC-Investment and Credit Company (NBFC-ICC)** and a **Core Investment Company (CIC)**. The firm is currently navigating a strategic transformation, pivoting from traditional operations toward a tech-enabled, multi-segment financial ecosystem focused on retail lending, MSME financing, and wealth management. --- ### **Strategic Transformation & Growth Verticals (2025–2027)** The company is at a **strategic inflection point**, shifting its focus toward high-growth financial services and digital integration. Its forward-looking strategy is built on three primary pillars: * **Retail & MSME Lending:** A major expansion into **Tier 2 and Tier 3** markets is planned for **FY 2025-2026**, specifically targeting underserved but cash-rich **MSME/SME** businesses in rural areas. * **Wealth Management & AIF:** The company has received **SEBI approval** to launch the **SERA Capital Growth Fund**, a **Category III Alternative Investment Fund (AIF)** with a target corpus of **₹100 Crore**. This marks a milestone in expanding its wealth management offerings to capture the growing HNWI market in India. * **Fintech Integration:** Leveraging the **Account Aggregator (AA)** framework to transition from asset-backed lending to **cashflow-based lending**, enhancing customer lifetime value through personalization. --- ### **Operational Model: The "Phygital" Approach** Sera Investments employs a **hybrid "phygital" model**, combining physical outreach in smaller districts with a technology-enabled digital lending infrastructure. * **Hub-and-Spoke Model:** Facilitates rapid disbursement and localized service delivery across **2 states**, focusing on districts with limited formal banking exposure. * **Lending Infrastructure:** An integrated platform featuring an onboarding app with **OCR**, real-time verification, risk-based scoring models, **e-sign**, and **Bank Statement Analyzer (BSA)**. * **Strategic Partnerships:** Utilizing **co-lending frameworks** with private financiers to expand reach without heavy capital expenditure on physical infrastructure. --- ### **Core Loan Product Specifications** The company’s digital lending platform provides short-term, unsecured personal loans designed for rapid liquidity. | Feature | Details | | :--- | :--- | | **Target Demographic** | Individuals aged **22 to 55 years** | | **Loan Amount Range** | **₹21,000** to **₹50,000** | | **Loan Tenure** | **99 days** to **240 days** (Max **120 days** for specific segments) | | **Daily Interest Rate** | **0.09%** | | **Annual Interest Rate (APR)** | **33%** to **34.8%** | | **Service Fees** | **₹248** to **₹2,180** | | **Processing Speed** | **3-minute** approval; **10-minute** fund disbursement | --- ### **Corporate Structure & Subsidiary Ecosystem** The group has expanded its corporate structure through acquisitions and incorporations to diversify its service offerings. | Entity Name | Relationship | Ownership % | Nature of Business | | :--- | :--- | :--- | :--- | | **Sera Code Private Limited** | Subsidiary | **99.21%** | Financial/Tech Services | | **Sera Capital Services Private Limited** | Wholly Owned Subsidiary | **100%** | Financial Services | | **Rudra Aerospace and Defence Pvt Ltd** | Subsidiary | - | Consolidated as of Nov 2025 | --- ### **Capital Structure & Shareholding Data** The company has executed several capital actions to support its aggressive growth plans, including a significant stock split and warrant conversions. | Particulars | March 31, 2023 | March 31, 2024 | March 31, 2025 | | :--- | :--- | :--- | :--- | | **Authorised Capital** | ₹10.00 Crore | ₹14.00 Crore | **₹14.00 Crore** | | **Paid-up Capital** | ₹10.00 Crore | ₹13.00 Crore | **₹13.00 Crore** | | **Total Equity Shares** | 5,00,00,000 | 6,50,00,000 | **6,50,00,000** | | **Face Value (FV)** | ₹10 (Pre-split) | **₹2 (Post-split)** | **₹2** | * **Stock Split:** On **April 28, 2023**, the company sub-divided **1 equity share (FV ₹10)** into **5 equity shares (FV ₹2)**. * **Fund Raising:** Allotted **2,00,00,000 warrants** at **₹13.50** per warrant in Dec 2023, aggregating **₹27 Crore**. As of April 2024, **1,50,00,000 warrants** were converted into fully paid-up equity shares. * **Dematerialization:** As of March 31, 2024, **99.97%** of the paid-up equity share capital is held in dematerialized form. --- ### **Strategic Investment Portfolio: Sri Adhikari Brothers (SABTN)** A primary driver of the company's **Other Comprehensive Income (OCI)** is its holding of **50 Lakh equity shares** in **Sri Adhikari Brothers Television Network Ltd**, acquired via an NCLT-approved resolution plan. This investment introduces significant market-to-market volatility to the balance sheet. * **Valuation Volatility:** * **December 31, 2024:** Peak fair value of **₹786.17 Crore** (at **₹1572.35** per share). * **September 30, 2025:** Fair value of **₹446.30 Crore** (at **₹892.60** per share). * **Recent Impact:** Recorded an **unrealized loss of ₹35.55 Crore** in OCI for the quarter ended **September 30, 2025**. --- ### **Risk Profile & Mitigation Framework** The company operates in a high-stakes environment characterized by market volatility and evolving digital threats. #### **Financial & Market Risks** * **Market Risk:** Exposure to equity price risk via **FVOCI** classified investments. * **Liquidity & ALM:** Managed by the **Asset Liability Management Committee (ALCO)** to address the structural risk of short-term funding vs. long-term lending. * **Interest Rate Risk:** Exposure to repo rate hikes (up **250 bps** in recent cycles), which may compress spreads by **40-60 bps**. #### **Operational & Cybersecurity Risks** * **Digital Impersonation:** In **March 2024**, the company flagged a fraudulent app (**"Sera Rupee"**) and website using its credentials. The company has clarified it does **not** currently operate a mobile lending app. * **IT Risk Management:** Employs a robust cybersecurity framework and **API integrations** to mitigate onboarding risks and ensure business continuity. #### **Regulatory & Compliance Track Record** * **BSE Penalties:** A **₹5,000** penalty was imposed for the delayed appointment of a Compliance Officer (resolved Dec 2023). * **Secretarial Lapses:** Noted a **one-day delay** in the Annual Secretarial Compliance Report and failure to utilize **CSR funds** as per **Section 135** (Sep 2025). * **Audit Note:** While the company incurred a cash loss of **₹107.22 Crore** in **FY 2022-23**, auditors confirmed no material uncertainty regarding its ability to meet liabilities due within one year.