TruCap Finance is a lender built to bring India’s small shopkeepers, traders, and manufacturers into the formal credit system - it was originally a pharmaceutical company, later renamed Dhanvarsha Finvest, and finally became TruCap in 2022 while keeping ‘Dhanvarsha’ as its retail brand. The company started lending in Mumbai in 2018 and has since disbursed more than ₹5,550 crores to over 4,46,000 customers, many of them first-time borrowers. Its recurring approach is to lend against what a borrower already owns or earns - gold, a business’s cash flows, or an income-generating asset like an electric three-wheeler - and then share that loan with a larger bank or institution so it can grow without tying up all its own capital. # Business segments Two lending engines that share the same branch network and co-lending plumbing - a gold-backed cash cow that funds the rest, and a set of unsecured and green-energy loans aimed at the same micro-enterprise customer. ## 1. Gold-backed MSME loans: the secured anchor that funds everything else **Small-ticket loans against gold jewellery, disbursed from high-street branches in under an hour, with a near-zero loss record across the company’s entire history.** - **Gold is the only underwriting** - the loan amount depends on the purity of 22-karat gold, not the borrower’s income statement, with a loan-to-value of 60-75% at origination and an average ticket size of about ₹1.3 lakhs. - **Principal at bullet** - borrowers pay interest monthly or quarterly and repay the principal as a lump sum at maturity, a structure that protects the company from gold-price swings because it never lets the full amount ride on a future gold price. - **Losses are practically absent** - gross NPAs in the gold book are just over 1%, and across the company’s history it has recovered more than 106% of principal and interest due on the tiny fraction of loans that went to auction. - **Branches do the heavy lifting** - most gold loans are walk-in or locally sourced through 122 experiential centres, where a semi-digital process delivers the loan in about 30 minutes after dual valuation and a home visit. - **A planned exit** - in February 2025 the company signed a binding term sheet to sell the entire gold loan business to Incred Finance for approximately ₹330 crores, which would leave it focused on unsecured MSME loans and green-energy finance. ## 2. MSME business and green-energy loans: unsecured and asset-backed credit for the same customer **Cash-flow-based loans to micro-enterprises, plus secured financing for electric three-wheelers - the growth engine that runs on the distribution and trust the gold business built.** - **No collateral, just cash flows** - unsecured business loans of ₹0.1-5 million are approved by analysing banking data, credit-bureau records, GST returns, and alternative data, with repayment through monthly instalments over one to three years. - **The electric-three-wheeler bet** - green-energy finance is a secured product that lends up to ₹2 lakhs at a 75% loan-to-value for income-generating electric three-wheelers, with direct tie-ups with OEMs and dealers to control risk. - **Small but deliberate** - green-energy finance was only 5% of total AUM as of December 2024, but the company has said most future growth in non-gold loans will come from this secured product rather than unsecured business loans. - **Women and first-timers are core** - the combined MSME and green-energy book has served more than 19,000 women borrowers cumulatively, and about 30% of gold-loan customers (who often cross over) are new to credit. # Lending-as-a-Service: the capital-light engine that funds both segments **TruCap finds the borrower, checks the credit, and collects the money - while a bank or institution puts up 80-95% of the cash and pays TruCap a fee for the service.** - **Minority capital, majority role** - TruCap contributes up to 20% of the loan amount and bears all sourcing, servicing, and collection costs, while the partner institution funds the rest at a fixed hurdle rate. - **Fee income on top of returns** - the company earns a return on its own small capital slice plus fee income for originating and servicing the loans, making the model more capital-efficient than lending entirely from its own book. - **Nearly half the book** - Lending-as-a-Service contributed 45% of total AUM as of December 2024, up from just 4% three years earlier, with partners including Central Bank of India, HDFC Bank, DCB Bank, and SIDBI. - **The partner gets distribution without the cost** - banks and NBFCs gain access to TruCap’s branch network, underwriting engine, and collection machinery without building their own small-ticket MSME infrastructure. # Group structure and partners **A listed NBFC with a single subsidiary, an 80-year-old promoter group now in the process of exiting, and a deep bench of bank and institutional lending partners.** - The company is listed on BSE and NSE and has one wholly owned subsidiary, DFL Technologies Private Limited, which supports its business-responsibility initiatives. - It is part of the Wilson Group, a Mumbai-based conglomerate with interests in education, philanthropy, institutional broking, and water infrastructure; the promoter group has an 80-year legacy. - In May 2025, Marwadi Chandarana Group entered into agreements to acquire approximately 75% of the company and inject roughly ₹207 crores, which would have made it the new promoter and reduced the existing promoter stake to zero - but the acquirer terminated the agreements in September 2025, and the related open-offer litigation was resolved in the company’s favour at the Securities Appellate Tribunal in July 2026. - The company has maintained lending relationships with more than 40 banks and financial institutions, including SBI, HDFC Ltd, Central Bank of India, NABARD, Northern ARC, and responsAbility AG, and its co-lending partners include Central Bank of India, DCB Bank, HDFC Bank, UGRO Capital, and SIDBI.