Unifinz Capital India Ltd is a digital-first consumer lender that puts small, short-term personal loans into the hands of salaried Indians through a mobile app - no paperwork, no branch visits, no collateral. The company began life in 1982 as Shree Worstex Limited, a textile manufacturer, but pivoted entirely after obtaining its RBI lending licence in 2000 and rebranding in December 2022 to reflect its new identity. Its entire operating model now runs on a single recurring approach: use a proprietary credit algorithm inside a smartphone app to approve, disburse and collect loans in minutes, targeting the under-banked millennial workforce that traditional banks often overlook. # Business segments A single digital lending engine - the 'lendingplate' app - that originates, underwrites and collects unsecured personal loans, supplemented by a newly launched fee-based service that manages loan portfolios for other financial institutions. ## 1. Digital consumer lending: the app that makes small personal loans instant **The 'lendingplate' mobile app is the company's entire factory - it sources customers, scores their creditworthiness using its own algorithm, disburses cash and collects repayments, all without a single piece of paper.** - **Loans designed for speed, not size** - customers borrow between ₹5,000 and ₹2.5 lakhs for periods as short as 20 days and never longer than 12 months, with the average loan lasting only 2-3 months, so the portfolio turns over rapidly and generates fresh fee income with every cycle. - **The credit decision lives in the app** - a proprietary algorithm and what the company calls a "social loan quotient" assess each applicant's repayment capacity, credit history and profile in real time, producing a yes-or-no decision without human intervention. - **Reach without branches** - the platform is available across more than 9,000 pin codes in India and had a physical presence in 224 cities across 17 states as of FY24, but customers are acquired digitally through performance marketing, lending service providers and aggregator platforms, with conversion rates between 6% and 13%. - **Fees are as important as interest** - because loans are so short, the processing fee charged at disbursement contributes a sizeable proportion of total revenue alongside interest income, which is recognised over the loan's life using the effective interest rate method. - **Losses are pre-calculated, not discovered** - every loan is assigned to one of three risk stages based on days past due, and an expected credit loss provision is set aside from day one; as of March 2026, the overall coverage ratio stood at 12.76% of the loan book, with no loans in the worst category (Stage 3). ## 2. Business correspondent services: lending on behalf of others **A fee-based sideline that earns income by finding, vetting and managing borrowers for other NBFCs - the company gets paid for its sourcing and collection skills without putting its own capital at risk.** - **Paid for the pipeline, not the loan** - the company collects upfront sourcing fees when a loan is successfully disbursed on a partner's books, then earns ongoing servicing and collection fees over the life of that loan. - **Newly built, already material** - this business line was established during FY26 and by March 2026 the company was managing an outstanding portfolio of ₹3,236.40 lakhs on behalf of partner NBFCs, up from zero a year earlier. - **Skin in the game** - the company has placed performance security deposits of ₹194.34 lakhs against a required obligation of ₹161.82 lakhs, backing the quality of the loans it manages for partners. # Group structure and partners **Unifinz Capital is a standalone, non-deposit-taking NBFC with no subsidiaries or joint ventures - it funds itself through debentures, term loans and inter-corporate deposits, and its CEO holds the largest slice of employee stock options.** - **No parent, no siblings** - the company has no holding company, subsidiary, joint venture or associate, and is classified as a middle-layer NBFC-Investment and Credit Company under the RBI's scale-based regulation framework. - **Funded by institutions, not depositors** - it does not accept public deposits; instead it raises money through privately placed non-convertible debentures (₹105 crore raised in FY26, rated BBB- with stable outlook by both CRISIL and India Ratings), term loans from financial institutions, and inter-corporate deposits, with a weighted average borrowing cost of 16.07% as of March 2026. - **The CEO is heavily incentivised** - under the employee stock option plan approved in December 2025, CEO Kaushik Chatterjee received 34.15 lakh options out of 40.50 lakh granted, representing 84.3% of all grants, vesting fully after one year at an exercise price of ₹10 per share. - **Significant shareholders emerged from warrant conversions** - following the full conversion of warrants issued in FY24, Paaven Bansal held 20.14% and Amicorp Capital (Mauritius) Limited held 11.29% of the company.