Veefin Solutions Approved for ₹35 Crore Debt Financing
BSE SME-listed Veefin Solutions has received board approval to raise up to ₹35 crore via non-convertible debentures. The company is also progressing towards a mainboard listing.
Veefin Solutions, a company listed on the BSE SME platform, has secured board approval to raise up to ₹35 crore (approximately $4.2 million USD) through the issuance of non-convertible debentures (NCDs). The debt issuance will be conducted via a private placement in one or more tranches.
The company's board has authorized specific individuals to finalize the terms and conditions for the fundraising. This marks Veefin's second significant capital fundraise since its listing on the SME platform in 2023. Last year, the board approved a ₹94 crore fundraise via equity shares and warrants.
This debt financing move comes shortly after Veefin's shareholders approved a plan for the company to migrate from the BSE SME platform to the main stock exchange board. Such a migration is typically indicative of a company's growth in scale, financial performance, and market presence.
Founded in 2020, Veefin develops supply chain finance and digital lending software for financial institutions and enterprises. In recent times, the company has also expanded its offerings through strategic acquisitions and investments in areas such as digital marketing and AI startups.