Inventure Growth & Securities started as a pure equity broking house in 1995 and has spent three decades layering on lending, advisory, and distribution services to become what it calls a “one-stop shop” for an investor’s entire financial life. The recurring approach is simple: use a research-driven broking engine to bring clients in the door, then cross-sell them everything from margin loans to mutual funds and merchant-banking advice. That philosophy - “investment for all” - explains why the firm keeps adding capabilities that let it serve a client from the first demat account all the way through to structured debt placement. # Business segments Three engines built around the same client base - a broking and trading core that generates the bulk of activity, a financing arm that lends against the securities those clients already hold, and a collection of fee-based services that earn without taking market risk. ## 1. Equity, commodity and currency broking: the activity engine **The company earns a fee on every trade a client places - and also trades its own book - across equities, commodities, currencies and debt, with more than 60% of revenue coming from this segment.** - **Paid per transaction** - brokerage fee income is charged at a contractually agreed rate and recognised the moment a trade is executed on behalf of a retail or institutional client. That makes revenue directly sensitive to market volumes and volatility. - **Proprietary book runs alongside** - the company also deploys its own capital, trading in equity cash, derivatives, commodities and currencies, with gains and losses flowing through the profit-and-loss account as fair-value changes. As of March 2025, securities held for trading stood at about ₹35 crore at fair value. - **Exchange memberships are the entry ticket** - it holds memberships on the BSE, NSE, MCX, NCDEX and MSEI, and is registered with SEBI as a stock broker, research analyst and investment advisor. Those licences let it execute across asset classes without relying on a third-party platform. - **Clients are concentrated but the funnel is widening** - the network is strongest in Maharashtra and Gujarat, and the firm has noted a surge of retail investors coming from Tier-2 and Tier-3 cities. As of March 2022, it had roughly 54,000 demat account holders on its database, of whom about 14,000 were active. - **Digital rails reduce human touch** - most key operations are automated, from AI-driven e-KYC to algorithmic market orders and mobile apps with charting tools, which the company sees as a way to cut errors and fraud. ## 2. Margin trading and financing: the leverage engine **The company lends money to clients so they can buy more securities than their cash would allow, earning interest on loans secured by the shares themselves.** - **Collateral-backed lending** - clients get exposure limits based on the securities they pledge, and the company provides margin trade funding against those shares under exchange rules. At March 2025, gross loans outstanding were about ₹36 crore, nearly all of it margin trade funding secured by tangible assets. - **Interest income is the payoff** - the company earns interest using the effective-interest-rate method on financial assets held at amortised cost, which means revenue accrues steadily over the life of the loan rather than in a single lump. - **Provisioning is built in upfront** - it sets aside a provision of 0.25% on outstanding margin-trading balances to cover potential credit losses. That is how it manages the risk that a client’s collateral might not cover a sudden market drop. ## 3. Depository, advisory and distribution: the fee-based engine **This is the non-broking layer that generates revenue without taking trading risk - safekeeping securities, advising on investments, and distributing third-party products such as mutual funds and insurance.** - **Depository participant (DP) services** - the company is registered with CDSL as a DP, which means it holds securities in electronic form for clients and earns fees when those accounts are opened, maintained or transacted upon. In FY22, depository operations brought in about ₹1.17 crore of revenue. - **Advisory and research fees** - registered with SEBI as both a research analyst and an investment advisor, the company can charge for stock research and personalised financial advice, recognising the revenue when the service is delivered. - **Product distribution** - it distributes mutual funds and other financial products, earning commission income that is booked on successful distribution. The logic is cross-selling: a client who comes for broking can also be sold a mutual fund or an insurance policy without the company having to manufacture the product itself. # Group structure and partners **The company sits atop six subsidiaries that extend its reach into NBFC lending, commodity broking, insurance distribution, wealth management, merchant banking and real estate - though a restructuring plan is underway to simplify the structure and carve out the lending business.** - **Six subsidiaries** - the wholly or nearly wholly owned units are Inventure Finance (NBFC lending), Inventure Commodities (commodity exchange member), Inventure Wealth Management, Inventure Insurance Broking, Inventure Merchant Banker Services, and Inventure Developers. Most activities are now concentrated in the parent and Inventure Finance. - **A composite scheme of arrangement is in motion** - stock exchanges gave “no adverse observations” in December 2025 to a plan that would first amalgamate four subsidiaries into the listed parent, and then immediately demerge the lending undertaking into Inventure Wealth Management, which would itself be listed subject to SEBI relief. The appointed date is 1 April 2025, and the scheme cannot be filed with the NCLT until the RBI gives a no-objection certificate. - **The restructuring is partly regulatory** - listed-company rules restrict a listed entity from investing in businesses such as NBFCs, so the reorganisation is designed to bring the group into compliance with the Securities Contracts (Regulation) Rules. - **Promoter-led with a six-person board** - the Chairman and Managing Director, Mr. Kanji B. Rita, is the promoter and held about 27.7 crore shares as of March 2025; the board includes two whole-time directors and three independent directors.