Trust Fintech Ltd, a software solutions provider, announced it raised Rs 5.42 crore in a pre-IPO funding round. The company recently filed preliminary papers for its upcoming IPO, with shares expected to be listed on NSE Emerge in March.
The IPO comprises a fresh issue of 62,82,000 equity shares.
Notable investors in the funding round include Tejas Goenka of Tally Solutions, Nitin Sathawane from Mphasis Canada, Ramnath Raikar, the former Treasury Head at HDFC Bank, and Sameer Gupte, MD at NSDL Data Management Ltd.
Trust Fintech Ltd, based in Nagpur, specializes in providing core banking SaaS products and fintech software solutions. Their offerings include ERP implementation, customized software solution development, SAP B1, and offshore IT services for the BFSI sector.
The company plans to utilize the proceeds from the IPO for various purposes, including establishing a new development facility at Mihan SEZ in Nagpur and funding global and domestic business development, as outlined in 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.
During the first half of the current fiscal year, the company achieved a total revenue of Rs 18.83 crore and recorded a profit of Rs 7.27 crore.
