- Advik Capital - a non-bank lender that was fundamentally reshaped in 2023 when new promoters acquired it and set out to build a financial institution that could one day cross the ₹500-crore asset threshold - the mark of a systemically important NBFC. Originally incorporated as an industrial company and renamed from Advik Industries Limited to Advik Capital Limited in 2017, it pivoted to lending and now operates by extending credit to businesses, investing its own capital in securities and private companies, and incubating fund-management ambitions - all while relying on a philosophy of long-term client relationships rather than one-off deals.
Business segments
Three engines at different stages - a corporate-lending core that generates the bulk of activity, a securities-and-investments arm that puts the company’s own capital to work, and an emerging supply-chain finance initiative that extends credit into supplier networks.
1. Corporate lending: where the loan book lives
The company lends its own capital to industrial borrowers and infrastructure projects, earning interest income while managing credit risk through collateral requirements and an internal rating system.
- Unsecured loans, secured by external collateral - every loan is unsecured on the company’s own books, but the company requires an enforceable charge over the borrower’s or a third party’s assets before disbursing funds, so recovery has a legal backstop.
- Priced for risk, not just cost - interest rates are set by weighing the cost of funds, expected credit losses, and operational costs, and can be fixed or floating, which means the company can adjust pricing as a borrower’s profile or market conditions change.
- Infrastructure is a deliberate bet - the company has financed NHAI-backed highway projects under the Hybrid Annuity Model, where the government pays 40% of the project cost upfront and the remaining 60% as an annuity over 10-12 years, making it a low-credit-risk sector for lenders.
- Early-warning systems flag trouble - a credit-monitoring framework identifies stressed accounts early and can limit further exposure or accelerate repayment, while an internal three-tier rating system (Low, Moderate, High) sorts every exposure by credit risk.
- Distribution runs through branches and agents - the company plans to grow its loan book by adding new branches across India and relies on a dedicated marketing team and a growing agent network to reach borrowers, rather than a digital-only model.
2. Investments and securities: the company’s own capital at work
Beyond lending to others, Advik Capital invests its own funds in equities, preference shares, and a wholly owned subsidiary, while also trading securities and laying the groundwork for fund management.
- A portfolio built on equity and quasi-equity - as of March 2025, total investments stood at roughly ₹281 crore, split across equity instruments, compulsorily convertible preference shares, and a small quoted-equity trading book, giving the company exposure to both private and listed opportunities.
- The subsidiary is the largest single bet - the company owns 100% of Advikca Finvest Limited, an investment and advisory vehicle, carried on the books at about ₹101 crore, making it the single largest investment in the portfolio.
- Securities trading is a distinct, smaller stream - the company runs a separate Securities/Share Division that buys and sells securities for trading gains, which in earlier years generated revenue from the sale of securities.
- An asset manager in the making - the company is examining the possibility of foraying into sponsoring a Category-II Alternative Investment Fund and firming up plans for the fund, aiming to raise an initial corpus of around ₹250 crore, and plans to invest in healthcare, infrastructure, and manufacturing, with a second phase targeting stressed but revivable assets.
- A bid for distressed-asset capability - it also submitted an expression of interest to acquire an Asset Reconstruction Company registered with the RBI, which would let it enter the business of resolving non-performing loans under the SARFAESI Act.
3. Supply-chain finance: credit woven into buyer-supplier networks
A newer initiative that extends working-capital and infrastructure financing directly to suppliers of a large FMCG company, with plans to replicate the model across multiple industrial sectors.
- Anchored to a corporate buyer - the company signed an MoU with a leading agri-product FMCG company to provide tailored financing to its suppliers, structuring the arrangements so that repayment flows from the supplier without recourse to the corporate anchor.
- Designed to spread across industries - the model is being built for replication in agri-food, FMCG, consumer durables, metals, and engineering goods, which would diversify the loan book away from its current corporate concentrations.
- Part of a deliberate diversification push - management sees supply-chain finance as a way to reduce concentration risk in the overall credit portfolio, ensuring no single product or borrower type dominates the book.
Group structure and partners
The company operates through a single wholly owned investment subsidiary and is controlled by a promoter group that acquired it in 2023, with a legacy manufacturing subsidiary having been exited in late 2024.
- Advikca Finvest Limited is the sole subsidiary - incorporated in November 2022 and held 100%, it deals in shares, securities, and investment advisory, acting as an extension of the group’s investment activities.
- The old manufacturing arm is gone - Advik Optoelectronics Limited, which made emergency signage and LED safety equipment, ceased to be a subsidiary in September 2024, ending the company’s direct exposure to electronics manufacturing.
- Promoters took control through a clean-slate acquisition - Mr. Vikas Garg and Mrs. Seema Garg bought out the entire stake of the founding promoters in 2022-23 via a share purchase agreement and a mandatory open offer, and the RBI approved the change in control in January 2023.
- A significant non-promoter shareholder has emerged - Fairplan Distributors Private Limited accumulated a 6.92% stake through open-market purchases between October and December 2025, making it a large public shareholder alongside the promoter group’s 21.8% holding.