My Mudra Fincorp
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Sep 2024 – 09 Sep 2024
- Listing date
- 12 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹110 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.26 Cr
- Market cap at offer price
- ₹125 Cr
- Promoter holding
- 78.74% → 57.84% pre-issue → post-issue
- ISIN
- INE0RVQ01016
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- 17A/45, 2nd Floor, w.e.a.Karol Bagh, Central Delhi, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,59,200 | — | — |
| Market maker | 1,53,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹110
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,32,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,64,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,24,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,56,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.98 | 7.33 |
| P/E (×) | 11.02 | 15.01 |
| Market cap | — | ₹125 Cr |
Key performance indicators
- Return on net worth
- 49.74%
- ROCE
- 45.98%
- PAT margin
- 11.76%
- NAV per share
- ₹20.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About My Mudra Fincorp
Established in 2013 and incorporated as My Mudra Fincorp Private Limited under the Companies Act, 1956, the company converted to a Public Limited Company in October 2023. It functions as a channel partner (DSA) for major Banks and NBFCs in India, integrating tele-calling, advertising, direct marketing, referrals, networking, and a combined physical and digital (physital) approach to acquire customers. The company specializes in distributing secured loans including home loans and loans against property, unsecured loans such as business loans, personal loans, and professional loans, as well as credit cards. Recently, the company expanded to include insurance products distribution. The platform allows customers to research and compare a wide range of financial products, enhancing choice and transparency. The company's operations are centralized in Central Delhi with a registered office at 17A/45, 2nd Floor, w.e.a. Karol Bagh, New Delhi.
Company Analysis
from RHPMy Mudra Fincorp Limited operates as a Direct Sales Agent (DSA) and Channel Partner for major Banks and NBFCs, distributing secured loans (home loans, loans against property), unsecured loans (business loans, personal loans), credit cards, and insurance products through tele-calling, advertising, direct marketing, and a combined physical-digital (physital) approach.
Established in 2013 and incorporated as My Mudra Fincorp Private Limited under the Companies Act, 1956, the company converted to a Public Limited Company in October 2023. It functions as a channel partner (DSA) for major Banks and NBFCs in India, integrating tele-calling, advertising, direct marketing, referrals, networking, and a combined physical and digital (physital) approach to acquire customers. The company specializes in distributing secured loans including home loans and loans against property, unsecured loans such as business loans, personal loans, and professional loans, as well as credit cards. Recently, the company expanded to include insurance products distribution. The platform allows customers to research and compare a wide range of financial products, enhancing choice and transparency. The company's operations are centralized in Central Delhi with a registered office at 17A/45, 2nd Floor, w.e.a. Karol Bagh, New Delhi.
Objects of the Issue
- Repayment of a portion of certain borrowing availed by our Company ₹625.00 Lakhs p.23
- Investment in technology development and digital infrastructure ₹660.00 Lakhs p.23
- To meet Working Capital requirements ₹700.00 Lakhs p.23
- General Corporate Purpose p.23
- Repayment of a portion of certain borrowing availed by our Company ₹625.00 lakhs p.74
- Investment in technology development and digital infrastructure ₹660.00 lakhs p.76
- To meet Working Capital requirements ₹700.00 lakhs p.78
- General Corporate Purpose [●] p.79
- Funding capex for expansion and technology infrastructure p.117
- Not specified in this document part - Issue size and use of proceeds details marked with [●] placeholders indicating information to be filled later p.234
Issue Structure
- Total Issue
- ₹[●] lakhs
- Fresh Issue
- up to 30,24,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10
Business Model
The company generates revenue as a Direct Selling Agent (DSA) and Channel Partner for Banks and NBFCs by distributing financial products. Revenue is derived from commissions, fees, and other payments from banking partners and financial institutions for customer acquisition and loan disbursement facilitation. The company operates through tele-calling, advertising, direct marketing, referrals, networking, and a combined physical-digital (physital) approach to reach end consumers, either directly or through its branches and Sub-DSAs.
Business Segments
SWOT Analysis
- • Established partnerships with major banks and NBFCs for product distribution(p.28)
- • Strong revenue growth trajectory with CAGR of 58.24% over three years(p.36)
- • Profitable operations with increasing net worth(p.24)
- • Integrated multi-channel customer acquisition approach across tele-calling, advertising, direct marketing and digital platforms(p.23)
- • Substantial revenue growth and profitability expansion(p.79)
- • Strong return metrics demonstrating capital efficiency(p.86)
- • Improving EBITDA margins indicating operational efficiency(p.86)
- • Experienced and committed leadership(p.84)
- • Strategic partnerships with financial institutions(p.84)
- • Diverse financial product portfolio across secured and unsecured loans, credit cards, and insurance(p.116)
- • Rapid revenue growth with strong profitability metrics and high margins(p.109)
- • Capital-efficient model with low underwriting and credit risk exposure(p.116)
- • Strong partnerships with major Banks and NBFCs(p.116)
- • Experienced promoter leadership with 14 years in financial services sector(p.116)
- • Multi-geography presence reducing concentration risk(p.116)
- • Growing franchise and sub-DSA network enabling national expansion(p.109)
- • Award recognition from major lending partners(p.111)
- • Established DSA presence with multi-product portfolio across major financial institutions(p.199)
- • Revenue growth and improved profitability trajectory(p.205)
- • Significant margin expansion and operational efficiency(p.201)
- • Strong return on equity and capital efficiency(p.200)
- • Diversified revenue generation through multiple lending and insurance partners(p.199)
- • Growing franchise network and market expansion(p.200)
- • Established geographic footprint across multiple states(p.200)
- • High customer concentration with top 10 customers representing 63.56% of FY2024 revenue(p.30)
- • Dependence on banks and NBFCs for revenue with risk of partnership termination(p.28)
- • Negative cash flow from investing activities indicating capital expenditure pressures(p.35)
- • Limited experience in insurance products and credit cards distribution(p.32)
- • Unregistered logo trademark creating intellectual property vulnerability(p.33)
- • History of DSA penal charges from banking partners(p.33)
- • Outstanding tax and indirect tax litigations totaling ₹158.31 lakhs(p.24)
- • High dependence on commission income from banks and financial institutions(p.79)
- • Significant working capital requirements driven by trade receivables(p.78)
- • Elevated financial leverage with multiple borrowing sources(p.48)
- • Concentration of shareholding among promoters(p.70)
- • Recent change in auditors due to compliance gaps(p.58)
- • High revenue concentration with 85.94% revenue from top 5 states, led by Delhi at 49.43%(p.116)
- • Significant revenue dependence on sub-DSA channel (79% of total revenue from sub-DSAs)(p.109)
- • Limited direct loan origination capability; operates primarily as intermediary(p.116)
- • Heavy reliance on commission income from lending and insurance partners(p.108)
- • Absence of key person insurance coverage(p.121)
- • Potential insurance coverage inadequacy(p.121)
- • High dependence on commission income from sub-DSA network(p.200)
- • Significant operational leverage on commission expenses(p.201)
- • Substantial and increasing debt obligations(p.208)
- • Concentrated promoter ownership creating governance risk(p.170)
- • Pending tax litigations and contingent liabilities(p.190)
- • Concentration of collateral security with individual promoters(p.174)
- • Expanding fintech and digital payments market in India(p.23)
- • Growing insurance market in India projected to reach US$1 trillion by 2025(p.23)
- • Rising financial inclusion and increasing demand for credit products(p.23)
- • Technology investment planned to enhance digital infrastructure and platform capabilities(p.32)
- • Expansion of product offerings beyond core loan distribution to insurance products(p.23)
- • Digital lending market expansion in India(p.104)
- • Financial inclusion and rural market penetration(p.100)
- • Growth in digital transaction infrastructure and adoption(p.103)
- • Rising demand for financial services across income brackets(p.100)
- • Technology investment to expand service offerings(p.76)
- • Expanding into new business lines beyond existing offerings(p.76)
- • Expansion into rural areas for financial services penetration(p.117)
- • Product diversification into gold loans and insurance distribution(p.117)
- • Rapid growth in India's digital lending market(p.107)
- • Expansion of private insurance sector with increasing FDI limits(p.106)
- • Rising private insurance market share in India(p.106)
- • Growing credit card market with 15% annual growth(p.107)
- • Deepening relationships with existing bank and NBFC partners(p.117)
- • Strengthening digital and technology infrastructure for scaling(p.117)
- • Expansion of insurance distribution business(p.199)
- • Growth through franchise model with minimal capital requirement(p.200)
- • Increasing penetration in unserved remote areas(p.200)
- • Direct revenue growth from self-sourced business at higher margins(p.200)
- • Diversified client base including professionals and corporates(p.199)
- • Regulatory changes by RBI affecting partnership agreements and business operations(p.29)
- • Risk of technology disruptions and cyber attacks impacting platform operations(p.30)
- • Intense competition from organized and unorganized fintech players(p.36)
- • Changes in interest rates and monetary policies affecting loan demand(p.34)
- • Potential delays or non-compliance by customers affecting cash flows(p.37)
- • Political instability and changes in economic liberalization policies impacting business environment(p.44)
- • Natural calamities and terrorist attacks affecting Indian economy and market conditions(p.45)
- • Changing GST and tax laws creating uncertainty in tax efficiency and compliance costs(p.45)
- • Regulatory and compliance risks in financial services sector(p.104)
- • Intense competition from fintech companies and established financial institutions(p.101)
- • Technology implementation risks and cost overruns(p.29)
- • Macroeconomic volatility and interest rate sensitivity(p.94)
- • Dependency on counterparty lenders and financial institutions(p.75)
- • Currency and commodity price volatility affecting operating costs(p.98)
- • Intense competition from organized and unorganized players(p.120)
- • Low industry entry barriers attracting new competitors(p.120)
- • Regulatory changes in direct selling and DSA compliance(p.124)
- • Consumer protection regulations governing direct selling activities(p.125)
- • Dependence on partner bank and NBFC policies and commissions(p.108)
- • Regulatory restrictions on telemarketing and unsolicited communications(p.124)
- • Regulatory restrictions and compliance burden in NBFC and fintech sectors(p.201)
- • Intense competition from established DSAs and fintech platforms(p.206)
- • Dependence on partner banks and NBFCs for business(p.199)
- • Interest rate and credit market volatility affecting demand(p.201)
- • Economic cycles and discretionary spending patterns(p.201)
- • Systemic risks from pandemics and external shocks(p.201)
- • Regulatory risk regarding IRDA approval for insurance distribution(p.219)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vaibhav Kulshrestha | Promoter | 21.75% | 15.98% |
| Nisha Kulshrestha | Promoter | 56.99% | 41.86% |
| Vaibhav Kulshrestha | Promoter | 21.75% | 15.98% |
| Nisha Kulshrestha | Promoter | 56.99% | 41.86% |
| Vaibhav Kulshrestha | Promoter | 21.75% | — |
| Nisha Kulshrestha | Promoter | 56.99% | — |
| Nisha Kulshrestha | Promoter | 57.59% | — |
| Vaibhav Kulshrestha | Promoter | 21.98% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.