Software firm Trust Fintech raises Rs 5.42 cr in pre-IPO funding round

Software solutions provider firm Trust Fintech Ltd on Friday said it has raised Rs 5.42 crore in a pre-IPO funding round.

Earlier this month, the company filed preliminary papers for the Initial Public Offering (IPO) and the shares are expected to be listed on NSE Emerge in March.

The IPO will be a fresh issue of 62,82,000 equity shares.

Tejas Goenka, MD of Tally Solutions; Nitin Sathawane, Head of Business at Mphasis Canada; Ramnath Raikar, former Treasury Head at HDFC Bank and Sameer Gupte, MD at NSDL Data Management Ltd were among the investors who participated in the funding round, according to a release.

The Nagpur-headquartered company provides core banking SaaS products and fintech software solutions around ERP implementation and customised software solution development, SAP B1 and Offshore IT services for the BFSI sector.

The company intends to utilise IPO proceeds for various purposes, including for establishing a new development facility at Mihan SEZ in Nagpur, and funding its global and domestic business development, as per the Draft Red Herring Prospectus (DRHP).

Corporate Capital Ventures Pvt Ltd is the book-running lead manager to the issue. Bigshare Services Pvt Ltd is the registrar for the issue.

The company has reported a total revenue of Rs 18.83 crore and earned a profit of Rs 7.27 crore during the first half of the current fiscal year.