Trucap Finance and Shivalik Small Finance Bank partner for gold loan origination
Trucap Finance acting as Business Correspondent (BC) for Shivalik Small Finance Bank will originate new business and help in scaling up the customer base
Trucap Finance Limited and Shivalik Small Finance Bank have announced a partnership for sourcing and managing retail gold loan assets. With a loan book of over R. 500 crores, TruCap aims to build social capital by providing small ticket gold loans and business loans to its MSME borrowers. Trucap Finance acting as Business Correspondent (BC) for Shivalik Small Finance Bank will originate new business and help in scaling up the customer base.
Interface Ventures, a boutique investment, incubation & advisory services platform promoted by financial services veteran Karan Desai has worked as sole advisor to Trucap for this partnership.
Shivalik Small Finance Bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative Bank with 24 years of experience in offering retail banking products and services. Shivalik has recently completed maiden equity raise of over Rs 100 crores of equity capital from marquee investors including Accel, Quona Capital and Bharti AXA Life Insurance as is it aims to become the go-to bank for small businesses and retail customers. The bank’s cloud-based architecture provides the bank with unmatched agility to effectively manage scale and power its growth, and is live on all retail payment platforms.
Mr. Rohanjeet Singh Juneja, MD & CEO of Trucap Finance, said that Trucap has a proven track record of working in close collaboration with reputed financial institutions to grow its asset base in a capital efficient and risk mitigated manner. “Shivalik SFB is a fast-growing new age bank and all of us at Trucap are excited about the potential scale to which we can build this partnership over the next 3-5 years”. Trucap already has a substantial co-lending partnership for MSME gold loans with Central Bank of India.
Trucap is an innovative sourcing & technology enabled financial services company that aims to provide credit solutions to India’s large underbanked and under served micro small businesses and consumers. Enabled with a highly experienced Board, the company aims to provide timely, affordable and sustainable access to the country’s almost 500 million unserved borrowers. The company has over 70 branches across the states of Maharashtra, Madhya Pradesh, Delhi NCR, Rajasthan, Gujarat, Goa, and UP.
On Thursday, shares of Trucap Finance closed at Rs 64.25 per share on NSE down by 2.43 per cent.